Metro and Urban Atlantic to Begin Construction on Joint Development of 291 Workforce Housing Units Adjacent to New Carrollton Transit Hub in Maryland
Workforce Housing Project is First New Construction Development in Amazon Housing Equity Fund’s $125 Million Commitment for Transit-Oriented Projects
(New Carrollton, Maryland, March 15, 2022) - Metro and Urban Atlantic announce the start of construction for 291 workforce housing residential units adjacent to the New Carrollton Metro Station. Supported by Amazon Housing Equity Fund, the new project is designed to provide transit-oriented housing to essential workers—teachers, first responders, health care workers and others at risk of being overwhelmed by escalating housing costs.
Scheduled for completion in late 2023, The Margaux is the first new construction community supported by the Amazon Housing Equity Fund. The Fund has committed $125 million to expedite development of affordable homes near Metro stations in Maryland, D.C. and Northern Virginia, to give more families and individuals the opportunity to live in communities with easy access to transit, employment centers, schools, healthcare, education and other amenities.
The Margaux is part of a 2.3 million square foot, mixed-use transportation hub that is already well underway, and includes office space, retail, additional housing, and Metro’s new Maryland Office Building.
“We are excited that The Margaux, with Amazon’s support, will become a model that can be replicated by others. We’re proud to join once again with our long-term partners at WMATA, EagleBank and Prince George’s County to bring new housing that is affordable to our community’s frontline workers,” said Vicki Davis, Managing Partner of Urban Atlantic.
Units at The Margaux will serve households whose incomes are less than less than 80 percent of Area Median Income (AMI). Affordability will be guaranteed for 98 years, giving families much-needed financial certainty to build lives and careers near the conveniences of transit. New Carrollton offers convenient access to Metrorail, Metrobus, Amtrak, Maryland Area Regional Commuter (MARC) Train Service, and Prince George’s County’s The Bus, minimizing the need and expense of car ownership. In the future, the station will also serve the Maryland Department of Transportation (MDOT) Maryland Transit Administration’s (MTA) Purple Line.
“The projects underway at New Carrollton and College Park are transforming vacant land and parking lots into vibrant mixed-use commercial and residential destinations generating more riders and revenue for Metro, as well as new residents, businesses, and tax revenue for our local and state partners.” said Metro General Manager/CEO Paul J. Wiedefeld. “Thanks to Metro’s nation-leading joint development initiatives and Amazon’s commitment to affordable housing, the future is bright for smart growth near Metro and other transit options in Prince George’s County and throughout the entire region we serve.”
Designed by BKV Group, The Margaux will feature market rate finishes and amenities, including an outdoor pool, family barbeque areas, an indoor-outdoor yoga and fitness center for healthy living, dog wash and dog walk area, activated indoor and outdoor lounge and fire pit areas, an entertainment and game area, play areas, and co-working areas to facilitate remote work.
“The Amazon Housing Equity Fund is addressing the affordable housing crisis on multiple fronts and through innovative solutions, such as teaming up with Metro, which brings people closer to more opportunities, services, and a better quality of life,” said Catherine Buell, Director of the Amazon Housing Equity Fund. “We know that our investment in this region brings many economic opportunities for the people who live here, but we also acknowledge that this growth needs to benefit everyone in the community. The progress we have made so far with the Amazon Housing Equity Fund is promising, but we have more to do.”
About Metro’s Joint Development Program
Metro sells and leases property to private developers through its Joint Development Program with the objective of maximizing the benefits of transit-oriented development. Since 1975, Metro has completed 55 projects at 30 stations totaling 17 million square feet of residential and commercial real estate, which supports the region’s economic growth and competitiveness. Metro continues to encourage further investment in Metro station areas by periodically offering new properties for development. More information about Metro’s Joint Development Program is available here.
About Urban Atlantic
Since its founding in 1998, Urban Atlantic has established a strong track record of successfully investing and developing in transformational, large-scale, mixed-income TOD communities exceeding 10,000 residential units and three million square-feet of commercial. Headquartered in the Washington metro area the firm’s portfolio includes over $2 billion in completed real estate developments. Urban Atlantic’s third-party investments have leveraged an additional $2 billion in real estate developments and operating businesses in emerging markets. Visit www.urban-atlantic.com for more information.
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.