Gilbane Development Company, Metro, and Amazon were joined today by local elected officials, project partners, and members of the community at a groundbreaking ceremony to celebrate the start of construction at Atworth, a 451-unit affordable apartment community featuring a 324-space parking garage; 5,000 square feet of ground floor retail space; a one-acre public park activated with public pedestrian and bicycle pathways; community amenities including 2 courtyards, pool, fitness/yoga, rooftop deck; and, a community garden and public art.
COLLEGE PARK, Md., May 11, 2022 /PRNewswire-PRWeb/ -- Atworth will deliver 451 apartment homes reserved for residents with incomes at or below 80 percent of AMI, with affordability guaranteed for the duration of the 98-year ground lease.
Gilbane Development Company, Metro, and Amazon were joined today by local elected officials, project partners, and members of the community at a groundbreaking ceremony to celebrate the start of construction at Atworth, a 451-unit affordable apartment community featuring a 324-space parking garage; 5,000 square feet of ground floor retail space; a one-acre public park activated with public pedestrian and bicycle pathways; community amenities including 2 courtyards, pool, fitness/yoga, rooftop deck; and, a community garden and public art.
Atworth is an example of transit-oriented development, a unique approach to preserve and create affordable housing options so moderate- to low-income families can afford to live near and benefit from quality public transit. Transit-oriented development provides equitable economic opportunity, reduced traffic congestion and associated environmental benefits, reduced time commuting, and reduced expenses associated with auto ownership. Residential and commercial uses are built adjacent to the existing College Park Metrorail and MARC commuter rail stations, as well as the future Purple Line station which is currently under-construction and overseen by the Maryland Transit Administration. Metro is ground leasing a portion of its station property to the Gilbane Development Company for the project, under Metro's Joint Development Program. A $56.3 million low-rate loan to Gilbane Development Company from Amazon's Housing Equity Fund ensures the project will provide critical workforce housing affordable to families earning 80 percent of area median income (AMI) for entire term of the 98-year lease.
"Gilbane Development Company is elated to reach this important groundbreaking milestone for Atworth," said Robert "Bobby" Gilbane, Jr., vice president of Gilbane Development Company. "Today is a promise fulfilled, a celebration of like-minded partners coming together to find new and creative ways to deliver necessary housing to the community. Atworth would not be possible without Metro and Amazon's investment, and it could not be sustained without Prince George's County's involvement. Together, we worked creatively to make Atworth happen."
"It is exciting to see construction happening to deliver affordable housing at the College Park Metro Station in the University of Maryland Discovery District," said Dannielle Glaros, Member, County Council, Prince George's County, representing District 3. "This investment by WMATA, Amazon's Housing Equity Fund, and Prince George's County is the type of partnership that is necessary to ensure more mixed-income communities, so that working families will always have access to jobs, transit, quality housing, and opportunity in our region."
"Metro is a national leader in joint development, and Atworth is a great example of what our program is all about: revitalizing underused properties, expanding affordable housing and access to Metro stations, and unlocking economic benefits to support Metro as a connector to the region," said Metro's Executive Vice President and Chief Financial Officer Dennis Anosike. "This project will generate ridership and revenue for Metro, as well as support residential expansion, businesses, and tax revenue for our local and state partners."
"Last June we announced a $125 million commitment to expedite affordable housing at Metro stations," said Senthil Sankaran, Principal, Amazon Housing Equity Fund. "This is an exciting next step to bring affordable housing – and the many benefits of living near high-quality transit in a high opportunity area – to 450 households in Prince George's County." Atworth is located at 4201 River Road in College Park, MD, home to the University of Maryland.
About Atworth
Atworth, located in College Park, MD, is a 451-unit affordable apartment community featuring a 324-space structured parking garage, 5,000 SF of ground floor retail space, and a 1-acre public park activated with public pedestrian and bicycle pathways, amenities, and public art features.
Atworth is adjacent to the College Park Metro station, home to the University of Maryland. The Atworth development will be within walking distance to the under-construction Purple Line, which will serve the MARC commuter rail with service to Baltimore, Maryland, and Washington, D.C. Register for updates at https://atworthcollegepark.com/
About Gilbane Development Company
Gilbane Development Company is the real estate development, financing, and ownership arm of Gilbane, Inc., a 150-year-old family-owned company. With over $8 billion in development and more than 20,000 units of housing completed/underway, Gilbane Development Company's projects incorporate every aspect of real estate including: multifamily housing (market rate apartments, student housing, and affordable housing); single-family residential communities; mixed-used developments; healthcare facilities; K-12 schools; government facilities; garage/parking areas; corporate headquarters; operational | data | distribution centers; R&D | manufacturing facilities; and, many types of facilities delivered through public-private partnerships. To learn more, visit http://www.gilbaneco.com/development.
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.
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.
Media Contact
Stephanie Handfield, Gilbane Development Company, 401-456-5456, [email protected]
SOURCE Gilbane Development Company
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