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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.
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.”
