Today, Amazon.com Inc. announced that they are awarding developers nearly $82 million in lowrate loans to support the construction of two affordable apartment buildings on Metro-owned land in Prince George’s County
In College Park, Amazon is providing $56.3 million in low-rate financing to Gilbane Development Company to begin construction of the Atworth College Park, a residential building with ground-level retail and 451-affordable homes, reserved for tenants with incomes at or below 80 percent of AMI, near the University of Maryland’s College Park campus and adjacent to the Discovery District. College Park offers convenient access to Metrorail, Metrobus, TheBuS, MARC, and a future MDOT Purple Line station. The project will be located within walking distance of the University of Maryland and its Discovery District.
Amazon will provide Bethesda developer Urban Atlantic $25.4 million in low-rate loans to build The Margaux, a multifamily building adjacent to the New Carrollton Metro. The project, part of a 2.3 million-square-foot mixed-use development that includes Metro’s new Maryland headquarters, will include 291 new apartments, including one-bedroom, two-bedroom and three bedroom units.