BridgeWater Real Estate Brokerage is pleased to exclusively present this unique opportunity to develop in Suitland, Maryland.
This 3.9-acre assemblage is located in a QCT as well as both a TIF District and a Revitalization Tax Credits Area. The property is a half of a mile from the Suitland Metro Station and half of a mile from the Suitland Federal Center, which is home to several federal agencies such as the US Census Bureau, National Oceanic and Atmospheric Administration, Bureau of Economic Analysis, and Office of Naval Intelligence. The property is adjacent to an NVR 59-unit single-family housing development slated to break ground in the late summer / early fall 2023.
Since Prince George’s County is keen on the redevelopment of this area, they have designated Suitland as a TIF District and a Revitalization Tax Credits Area. TIF or Tax Increment Financing allows the County to issue bonds to cover the cost of certain infrastructure such as roads or garage and design work, and site improvements. The bonds would be repaid through real estate taxes. The Revitalization Tax Area provides relief from real estate taxes calculated on the assessments on the additional value created by the new improvements. Relief will be provided over 3 years with 100%, 66% and 33% of the additional taxes forgiven. These programs would need to be approved by the County and would rely on the underwriting for the project.
The County also offers a Payment in Lieu of Tax (PILOT) program for properties with new affordable housing. This is a program that will need to be negotiated with the County.
Except for the new senior housing at the Town Square at Suitland Federal Center, the area lacks new apartments. Most of the new products have been constructed at the Branch Avenue Metro.
Prince George’s County recently adopted a new zoning code, allowing developers to take advantage of the LMUTC (Legacy Mixed Use Town Center) zoning allowing up to an 8 FAR subject to a detailed development proposal approval. Due to its location inside the beltway and near a Metro station, the property qualifies for reduced impact fees of $13,997 per unit.
For more information, contact:
Adam Stein at (202) 603-5587 and email@example.com.