The opening of Maryland's Purple Line has been delayed for years, but it is still spurring interest from developers to build around its stations.
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Minneapolis-based Dominium Apartments last week closed on its acquisition of 7011 Chesapeake Road in Hyattsville for $4M. It plans to build 245 affordable rental units restricted to those who earn up to 60% of the area median income.
Dominium has had the site under contract for more than a year, and it received preliminary plan approval from Prince George's County in June. The project, branded as The Flats at Glenridge Station, is the company's first in the D.C. market.
The firm manages more than 38,000 apartments in 19 states, according to its website, and it has been on a spree of buying development sites to build housing. Just in the last two months, Dominium has announced the acquisitions of eight sites in Florida, Arizona, New Mexico and Texas.
“Dominium is excited about the opportunity to bring much needed affordable housing to Prince George’s County, the state of Maryland, and the Greater Washington D.C. area," Dominium Vice President Terry Sween said in a statement. "These 245 future homes will help meet the state and region’s affordable housing needs while also supporting the Governor and Legislature’s aim to build more affordable housing near mass transit options across Maryland.”
BridgeWater Real Estate Brokerage's Adam Stein and Mohsen Teimouri brokered the deal on behalf of the seller, a private investor operating under the entity Landover Hills Development Inc.
The site is steps from the planned Glenridge stop on the Purple Line. The 16-mile light rail project started construction in 2017 but has faced a series of setbacks, including its contractor departing the project in 2020, and it is now expected to open more than five years behind schedule in 2027.
The delays in the Purple Line project have made transit-oriented development around its 21 stations slower than many initially hoped, local real estate players said at a Bisnow Future of Prince George's County event last year. But this latest investment from an out-of-town developer in Dominium shows the Purple Line is still likely to spur new housing and other development in the Maryland suburbs.
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