$74M Makeover Commences at DC Affordable Properties
This project combines ground-up development and a major renovation.
Park Montgomery West will rise some 8 miles from downtown Washington, D.C. Image courtesy of Soto Architecture & Urban Design
Enterprise Community Development has started the renovation process at Park Montgomery and the development of Park Montgomery West in Silver Spring, Md. Soto Architecture & Urban Designs serves as architect and CPJ & Associates as civil engineer, while Harkins Builders is the general contractor.
The two adjacent affordable housing communities will total 217 units. All residences will cater to individuals earning up to 60 percent of the area median income.
Financing for the $74 million project includes 4 percent LIHTC funds for the renovation and 9 percent LIHTC funds for the new construction, along with housing assistance vouchers from the Montgomery County Housing Opportunity Commission and funds from the State of Maryland Community Development Administration and Montgomery County Department of Housing. In addition, Bellwether Enterprise provided senior debt.
More affordable housing coming to Washington, D.C.
Park Montgomery, the existing 15-story building, originally came online in 1971 and comprises one- to three-unit floorplans averaging 877 square feet, Yardi Matrix shows. Planned upgrades at the 141-unit property include new finishes, new fire and safety systems and increased energy efficiency and air quality.
Park Montgomery West will replace an existing parking garage and rise five stories. The community will include one-, two- and three-bedroom floorplans ranging from 559 to 1,081 square feet, according to Yardi Matrix data. Common-area amenities will comprise a playground, community center, laundry facility and playground.
Located at 8860 Piney Branch Road, the properties are some 2 miles from downtown Silver Spring and roughly 8 miles north of downtown Washington, D.C. The location is also about 1 mile from the Langley Park Plaza shopping mall.
Greater Washington, D.C., had 345,410 multifamily units in its inventory as of November, according to Yardi Matrix information. The fully affordable stock accounted for only 14.7 percent of the total.
