New Projects in Development

MHP and Donohoe Selected for Downtown Silver Spring Redevelopment Site

County Executive Isiah Leggett announced that the development team led by The Donohoe Companies and Montgomery Housing Partnership (MHP) has been selected to develop a mixed-use project adjacent to the new Silver Spring Library. The one-acre site, located at the corner of Fenton and Bonifant streets, is also adjacent to the future Purple Line station and will include a mix of commercial and residential uses.

“This project is another step in the evolution of Silver Spring,” said Leggett. “Donohoe and MHP are a highly qualified team for this mixed-use, mixed-income project.”

Other members of the development team include:

• Architects: VOA Associates
• Civil Engineers: Loierderman Soltesz Associates
• Landscape Architect: Parker Rodriguez.

MHP Purchases Parkview Towers in Takoma Park

Acquisition Financed by Enterprise and Maryland-BRAC Preservation Loan Fund

MHP closed out a busy year of real estate development activity in Takoma Park with the acquisition of the 125-unit Parkview Towers apartments at 7667 Maple Avenue. MHP purchased the 11-story building for $6.895 million from a private owner, and will preserve it as affordable rentals.

The acquisition of the 47-year-old rental community was financed from loans by Enterprise Community Partners, Inc., the State of Maryland, and the seller.  The State’s funding came from its Maryland-BRAC Preservation Loan Fund, and was the first transaction approved through the newly created fund to finance housing development in areas affected by military base realignments.

Parkview Towers offers studio, 1-bedroom, 2-bedroom, and 3-bedroom units - and occupies almost 3 acres in the heart of Takoma Park. It has onsite parking and is within walking distance to retail, schools, county services, the Takoma Metro Station, and Sligo Creek Parkway. Equity Management is handling the day-to-day management of the property, which is near capacity.

MHP is planning a two phase renovation. Phase 1 – which will be completed during 2011 - includes repairs to the mechanical, plumbing and elevator systems; upgrades to security systems, exterior lighting and landscaping; and installing water saving devices in order to reduce utility costs.