BridgeWater Real Estate Brokerage is proud to exclusively present for sale this 3.2055-acre transit-oriented development opportunity in New Carrollton, Maryland.
The property address is 8181 Professional Place, which is within a quarter mile of I-95, I-495 and Rt. 50, not to mention the New Carrollton MARC, Next Gen High Speed Amtrak, Greyhound, Metrobus and both Orange Line and future Purple Line Metro stations making this the area’s second most multi-modal transit hub behind Union Station.
This location is the perfect example of where the Federal, State and County Governments explicitly want to encourage the development of high-density affordable housing, allowing seniors and families at all income levels to have easy access to as many employment and entertainment centers as possible.
The property is located in the New Carrollton Transit District Overlay Zone, as well as in both a Qualified Opportunity Zone and a Qualified Census Tract (QCT). The location is eligible for Maryland’s Strategic Demolition Fund.
The seller is patient and understands the need for a developer’s closing to be contingent upon full entitlements and comprehensive Low Income Housing Tax Credit (LIHTC) financing.
The property is zoned Regional Transit Oriented – High – Edge (RTO-H-E), which reflects the county’s desire for high-density development near transit centers, allowing up to 175 dwelling units per acre.
The property is improved by TreeTops, a 60,264 square foot income generating office building built in 1981. All leases provide a demolition clause with one year notice.