Amazon Commits $124M to Affordable TODs
The company is working with transit agencies, developers and nonprofits in Washington and Maryland.
Amazon is continuing to make good on its pledge to invest more than $2 billion to create affordable housing in three regions around the United States where it operates by investing more than $124.4 million to build 1,060 affordable apartments near four public transit sites in Maryland and Washington state.
The latest deals stem from the $300 million transit commitment in June to create 3,000 new affordable homes in collaboration with transit agencies in each region. The initiatives are part of the Amazon Housing Equity Fund launched in January 2021 to create and preserve more than 20,000 affordable homes in the Washington, D.C., metro area, Puget Sound region and Nashville, Tenn., where the company has or expects to have at least 5,000 employees over the coming years. In addition to the sprawling Seattle headquarters, Amazon is building its HQ2 in Arlington, Va., and an operations center in Nashville.
Since January 2021, the Amazon Housing Equity Fund has committed more than $795 million in loans and grants for the Arlington, Va.- Washington, D.C., region to create and preserve more than 4,400 affordable homes. Based on Arlington County data, the fund has increased the long-term committed multifamily affordable housing stock in Arlington by more than 22 percent.
The fund has committed more than $344.3 million in loans and grants for the Puget Sound region to create and preserve 2,870 affordable homes. Based on data from the city of Bellevue, Wash., the fund increased the long-term multifamily affordable housing stock in Bellevue by 20 percent.
Paul Wiedefeld, general manager & CEO of Metro in the greater Washington, D.C., area, said in a prepared statement transformations underway at the New Carrollton and College Park Metro stations in Maryland are revitalizing underutilized land to create mixed-use commercial and residential destinations that reduce barriers and take advantage of the convenience of transit-oriented developments.
The Margaux at the New Carrrollton Metro Station: Amazon is partnering with Urban Atlantic and Metro to develop 291 new apartments, with guaranteed affordability for 98 years, adjacent to the Metro station, a multimodal transportation hub. Amazon is funding $25.4 million in low-rate loans to Urban Atlantic to begin construction. The property will have one-, two- and three-bedroom units.
Atworth at the College Park Metro Station: Amazon is partnering with Gilbane Development Co. and Metro to develop 451 new apartments, with guaranteed affordability for 98 years, adjacent to the Metro station. The development will include a public park. The Atworth is within walking distance to the University of Maryland and the Discovery District, which contains more than 2 million square feet of office, laboratory and research space. Amazon is funding a $56.3 million low-rate loan to Gilbane to begin construction.
Puget Sound Region
Spring District/120th Station: Amazon is partnering with Sound Transit and BRIDGE Housing to create 233 new affordable apartments in Bellevue near a new light rail station that is set to open in 2023. Amazon is funding a $25.8 million low-rate loan commitment and predevelopment grant to BRIDGE Housing, a nonprofit developer, owner and manager of affordable housing. The developer has teamed up with YMCA of Greater Seattle for youth and family services at the property.
Angle Lake Station: Amazon is partnering with Sound Transit and Mercy Housing Northwest to create a minimum of 85 new apartments next to the light rail station in SeaTac, Wash., which is near transit, jobs, parks and schools. Amazon is funding a $16.7 million low-rate interest loan commitment and predevelopment grant to Mercy Housing Northwest. Mercy is partnering with The ARC of King County, a nonprofit that supports people with intellectual and developmental disabilities to provide onsite resident services.