A small, one-story building and parking lot in Silver Spring could soon become 70 units of new affordable housing.

Robert Margolis, through the entity REBJ LLC, is leading a development team with Tony Calkins and Mekonnen Abraham, also through separate entities, and the Montgomery Housing Partnership. The team acquired the site at 715 and 719 Sligo Ave. for $2.4M.

The developers plan to apply for tax credits in the spring and hope to break ground next fall on a roughly 70-unit affordable housing project. The units will be set aside for those making between 40% and 60% of the area median income. The team also plans to include children's health initiatives as part of the project.

The parcel sits a half-mile east of the intersection of Sligo and Georgia avenues, the main thoroughfare in Downtown Silver Spring. The Silver Spring Metro station and a Giant grocery store are less than a mile away.