Amazon Commits $82M for Two Affordable Developments in DC Region
Amazon has committed $81.7 million for the development of new affordable housing projects in New Carrollton, Md., and College Park, Md. — both near Metro stations.
The first project is from Urban Atlantic, which is teaming up with Metro on The Margaux, a 291-unit apartment complex. The development is part of the transformation of the 2.3 million-square-foot New Carrollton Station, which is already underway and will include office, retail, housing and Metro’s new Maryland’s office building. Amazon (AMZN) has invested $25.4 million for the development.
“The Margaux will provide housing for essential workers — teachers, nurses, first responders — who don’t qualify for housing subsidies but whose incomes can’t keep pace with the region’s escalating rents,” Alan Lederman, managing director of development at Urban Atlantic, told Commercial Observer. “This is the missing middle. Creating housing with long-term affordability in mixed-income and mixed-use communities at transit centers like New Carrollton is essential to the vitality and health of our region.”
Amazon also provided $56.3 million in low-rate loans to Gilbane Development, for the development of Atworth, a 451-unit apartment building near the University of Maryland and adjacent to the College Park Metro station in College Park, Md. Atworth will also include 5,000 square feet of retail with an approximately 1-acre public park behind it.
In January 2021, Amazon launched its $2 billion Housing Equity Fund, a commitment to preserve existing housing and create inclusive housing developments through low-rate loans and grants to housing partners, traditional and non-traditional public agencies, and minority-led organizations.
“We know that our investment in these areas brings many economic opportunities for residents in the region, but we also acknowledge that this growth needs to benefit everyone in the community,” Catherine Buell, director of Amazon Housing Equity Fund, said in a prepared statement. “The progress we have made in our first year is promising, but we have more to do.”
With these latest initiatives, the fund has committed more than $1.2 billion to create or preserve over 8,000 homes in its first 14 months.
Margaux is slated to open in 2023, while the Atworth is scheduled for delivery a year later.
Requests for comment from Gilbane Development and Amazon were not immediately returned.
Keith Loria can be reached at Kloria@commercialobserver.com.