The first phase of a proposed mixed-use development at the West Hyattsville (MD) Metro station, part of Washington, DC’s Metro rail system, is set to go before area planning commissioners on Thursday, according to the Washington Business Journal.
Gilbane Development Company expects to break ground on the 18.5-acre transit-oriented development this spring, with the first phase including 183 townhomes and 300 multifamily rental units as well as ground-floor retail and 4.5 acres of public parkland connected to a nearby trail system.
- The Riverfront will replace a vacant, 250,000-square-foot warehouse currently occupying the site. Gilbane will partner with an architectural firm and a townhouse developer on the project.
TODs are growing in prominence nationwide as developers eye land near multi-modal transportation hubs that give residents access to employment centers and other resources. Additionally, TODs can generate a greater return on tax dollars due to their proximity to transit hubs than comparable developments not located near transit centers, according to a study earlier this year from the Urban Land Institute Washington.
According to the National Real Estate Investor, cost returns on TODs can be 0.25% higher than similar projects away from transit centers, due primarily to higher rents offered at the former because of their location. That’s helping developers justify the additional resources required to develop in and around the more resource-intensive transit hubs.
Elsewhere in the DC area, developer Comstock Homes announced in November 2016 that it will team up with Stratford Capital Group on a multifamily TOD near a key Maryland suburban Metro station. And in New Orleans, developer The Domain Companies unveiled plans last month for a $100 million, 29-story residential tower in the city's mixed-used South Market District TOD.
TODs on the fringes of major metros are also critical sources of workforce housing for low- and middle-income households. In Massachusetts, construction began late last year on the 71-unit Gateway North project to connect residents with Boston-area transit. The project is being funded by MassHousing’s $100 million Workforce Housing Initiative.
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