Good or bad, Prince George’s may dodge HQ2 impacts

Crystal City’s selection as one of two new offices for Amazon’s much-ballyhooed HQ2 search has been made official. And while Prince George’s County was long-ago dismissed from consideration for the project, Crystal City’s selection will still have an impact on Prince George’s County, according to a paper released earlier this week. But Prince George’s County’s housing market may be less impacted by Amazon’s presence than other close-in suburban communities, the report found. If you buy into the hype, Amazon’s decision has the potential to create a “second downtown” for the Washington, D.C., area, with up to 25,000 news jobs headed to Virginia. Many of those jobs will be filled by workers who migrate here, rather than springing from the soil of Crystal City.

Inside Studio 3807; A photo tour of Route 1’s newest mixed-use apartment complex

Studio 3807, the new 147-unit mixed-use apartment complex that’s been under construction at – appropriately – 3807 Rhode Island Avenue,  is about to have its grand opening this coming Saturday, Oct. 27, 2018. Before this weekend’s grand-opening festivities, members of the Brentwood Area Business Association were privy to a meeting and tour of the nearly-complete facility. Route 1 Reporter got to tag along and explore the new apartment complex, a bright yellow, white and gray building. To put it briefly: this place is swanky.

Route 1 multifamily trends good for renters, bad for developers

The headline is dramatic: “Traditionally affordable suburban Maryland community faces uncertain future from nearly 2,000 new multifamily units.”
Yikes, right? That’s the headline on an article from real estate analysis company CoStar Group’s news service from mid-October 2018. But behind the scary wording is a more nuanced story about long-term shifts in the multifamily real estate market of the Route 1 corridor’s inner-Beltway suburbs. Here’s the nuance: the development should be good news for renters, at least in the near-term, as a sudden abundance of multifamily units along the corridor are expected to put a damper on rising rents. So why the scary wording?

Seeking ‘year-round’ residents, College Park eyes tax relief for redevelopment

College Park City Council appears broadly supportive of a new tax abatement scheme designed to bring market-rate apartment housing – and hopefully more “year-round residents” – to the city’s downtown Baltimore Avenue corridor. College Park City Council will consider two measures at its Sept. 25, 2018, meeting; one would create what is called a “tax increment financing” program that allows the city to cut property taxes in exchange for developer concessions and increased city oversight into a proposed development project. The second measure would apply that newly-created program to a proposed redevelopment of the now-crumbling properties housing the former Quality Inn and Plato’s Diner by Terrapin Development Co., the real estate development company established by the University of Maryland and the University of Maryland College Park Foundation, and Bozutto Development Co., the real estate developers overseeing the project. The proposed development includes 393 residential units and 60,000 to 70,000 square feet of retail space.

A medium-sized two-story brick apartment building sits on a large yard infront of a wet two-lane residential roadway. The sky is grey, trees in the background are leafy and green.

Would-be College Park mayor’s apartment building sold at auction

An old-town College Park apartment building owned by former mayoral candidate Tom Chen was sold at auction in August to settle tax debts, according to state property records. The property, 4619 College Ave., was auctioned for $315,000 in a sale recorded Aug. 15, 2018. The property was ordered to be sold in order to pay off tax debts allegedly accrued by Chen, according to documents filed with the deed. The building is a 5,500 square foot brick-clad multifamily apartment complex, built in 1930.