Possibly by next year, construction could be completed to offer affordable housing at the New Carrollton Metro station.
A 291-unit residential development called The Margaux connects with a larger 2.3 million-square-foot complex to include retail and offices near Metro’s new Maryland office.
“The Margaux is now an exciting part of Metro’s proud legacy of transit-oriented development, supporting the region’s economy and a safe, reliable public transit system for generations to come,” Metro interim general manager and CEO Andy Off said in a statement.
The project worked out thanks to a joint partnership between Urban Atlantic and Metro, also known as the Washington Metropolitan Area Transit Authority.
Amazon provided low-rate financing through the company’s more than $2 billion Housing Equity Fund that proposes to offer 20,000 affordable homes nationwide.
Amazon has already committed $125 million to expedite construction of residential units near Metro stations throughout the D.C. area.
The units near New Carrollton Metro station are slated for those who make at or below 80% of the area median income. The Amazon program proposes to keep those rates in effect for at least 98 years. One of the main goals will be to attract workers such as teachers, law enforcement and emergency personnel in need of affordable housing.
Besides the Metro station, New Carrollton serves as the D.C. region’s largest transportation hub with Metrobus, Amtrak and MARC trains and the county’s “TheBus” service.
New Carrollton will also serve as a future stop for the Purple Line light-rail project managed by the Maryland Department of Transportation.
“The private sector has an important role to play on the issue of housing affordability,” said Catherine Buell, director of Amazon’s Housing Equity Fund. “Through innovative solutions like our partnership with WMATA, we’re helping to bring people closer to more opportunities, services and a better quality of life.”