Consumers in search of affordable housing often find themselves in a “drive until you qualify” situation, moving farther from their workplace and public transportation. Urban Atlantic and the Washington Metropolitan Area Transit Authority recently announced that construction will begin soon on new transit-oriented housing at below-market rates as part of the transformation of the New Carrollton transit hub in Maryland.
The 291-unit apartment building is supported by the Amazon Housing Equity Fund, which has committed $125 million to expedite development of affordable homes near Metro stations in Maryland, D.C. and Northern Virginia. Metro’s Joint Development Program sells and leases land next to Metro stations to encourage transit-oriented development.
Known as the Margaux, the apartment building is part of a 2.3 million square-foot mixed-use development that will include offices, retail space, housing and Metro’s new Maryland office building. Units at the Margaux will provide housing for households with incomes at or below 80 percent of area median income. The affordability measure is guaranteed for 98 years. Currently, area median income is $129,000 for a family of four.
The New Carrollton transit hub includes access to Metro, Amtrak, MARC trains and Prince George’s County bus service. In the future, the hub will also include a Purple Line stop.
Designed by BKV Group, the Margaux is the second apartment building developed by Urban Atlantic at New Carrollton. The Stella apartment opened to residents in summer 2021. The Margaux is anticipated to be complete in late 2023.
Plans for the apartments call for market-rate finishes in the units. Amenities will include an outdoor swimming pool, barbecue areas, an indoor-outdoor yoga and fitness center, indoor and outdoor lounges, fire pits, game and entertainment areas, play areas, co-working areas, and a dog wash and dog walking area.
More information is available here.