KabirCares.org

A 978-Bed Student Housing Coming to Berwyn

Gilbane Development Company has applied to redevelop the properties at 8430 and 8510 Baltimore Avenue located on the west side of Baltimore Avenue (US 1) opposite Quebec Street. The site consists of two lots to be combined into one 2.054-acre parcel. The northern lot, located at 8510 Baltimore Avenue, is improved with a Burger King fast food restaurant (to be referred to in this report as the Burger King lot). The southern lot, at 8430 Baltimore Avenue, contains an abandoned restaurant ( referred to as the Northgate lot).

The Applicant is proposing to raze both existing structures and construct a mixed-use development containing 296 multifamily dwelling units (978 beds) and 1,084 square feet of retail space. The property will include a parking structure containing 300 parking spaces. A variation request has been submitted with the PP application to allow for the removal of 5 specimen trees (3 on the property and 2 on adjoining property). In addition, the Applicant is requesting approval to impact regulated environmental features including flood plain and woodlands. Additionally, the applicant is requesting several alternative development district standards from the 2010 Approved Central US 1 Corridor Sector Plan and Sectional Map Amendment (Sector Plan).

At this week’s meeting, the Council will discuss the Preliminary Plan of Subdivision (PP) and Detailed Site Plan (DSP) of the proposed development.

Exemption from the County’s school facilities surcharge
The Council will discuss whether to support a full exemption from the school facilities surcharge that Prince George’s County applies to new residential developments or redevelopments. This surcharge covers anticipated increases in public educational services required to accommodate the residents that new development brings. Inside the Capital Beltway-or if the building is located within a basic or conceptual site plan that abuts an existing or planned mass transit rail station operated by the Washington Metropolitan Area Transit Authority (WMATA)-the surcharge is $9,035 per unit. Last year, the County exempted some or all of the school facilities surcharge for undergraduate student housing built west of US Route 1, north of Knox Road, and south of Metzerott Road . This was to promote the goals of the University District Vision 2020, as that

City Revitalization Tax Credit
The Council consider supporting a Revitalization Tax Credit for the Gilbane Development Company for the Northgate project for a total of $571,020 over five years. Qualifying projects are eligible to receive a five-year tax credit on the increased assessment attributed to the taxable improvements upon project completion. The maximum tax credit is an amount equal to 75% of the increased assessment of City tax imposed in the first year, 60% in the second year, 45% in the third year, 30% in the fourth year, and 15% in the fifth year. Currently the properties are assessed at a value of $2,836,800, while the anticipated completion of the Project at the end of 2022 is estimated to increase the total assessment to $80,925,000. Therefore, the total increased assessment would be $78,088,200, which given the City’s current real property tax rate of $.325 per $100, results in a future annual tax bill of $263,006 upon completion.

Related Posts Plugin for WordPress, Blogger...
(Visited 23 times, 1 visits today)

Comments are closed.