5001 Suitland Rd, Suitland, MD 20746
3.54 Acres of Residential Land in Suitland, MD 20746
For Sale
Active
- Property Type
-
Land
Listing Contacts
- Property Info
Property Overview
BridgeWater Real Estate Brokerage is pleased to exclusively present this unique opportunity to develop in Suitland, Maryland.
This ~3.5-acre assemblage is composed of 5001 and 5005 Suitland Road and is located in a QCT, a TIF District, and a Revitalization Tax Credits Area. The property is within a mile from Suitland Metro Station and half of a mile from the Suitland Federal Center, which is home to several federal agencies such as the US Census Bureau, National Oceanic and Atmospheric Administration, Bureau of Economic Analysis, and Office of Naval Intelligence.
Since Prince George’s County is keen on the redevelopment of this area, they have designated Suitland as a TIF District and a Revitalization Tax Credits Area. TIF or Tax Increment Financing allows the County to issue bonds to cover the cost of certain infrastructure such as roads or garage and design work, and site improvements. The bonds would be repaid through real estate taxes. The Revitalization Tax Area provides relief from real estate taxes calculated on the assessments on the additional value created by the new improvements. Relief will be provided over 3 years with 100%, 66% and 33% of the additional taxes forgiven. These programs would need to be approved by the County and would rely on the underwriting for the project.
The County also offers a Payment in Lieu of Tax (PILOT) program for properties with new affordable housing. This is a program that will need to be negotiated with the County.
Except for the new senior housing at the Town Square at Suitland Federal Center, the area lacks new apartments. Most of the new products have been constructed at the Branch Avenue Metro.
Prince George’s County recently adopted a new zoning code, allowing developers to take advantage of the LMUTC (Legacy Mixed Use Town Center) zoning allowing up to an 8 FAR subject to a detailed development proposal approval. Due to its location inside the beltway and near a Metro station, the property qualifies for an impact fee reduction to $13,997 per unit.
For more information, contact:
Adam Stein at (202) 603-5587 and [email protected].
This ~3.5-acre assemblage is composed of 5001 and 5005 Suitland Road and is located in a QCT, a TIF District, and a Revitalization Tax Credits Area. The property is within a mile from Suitland Metro Station and half of a mile from the Suitland Federal Center, which is home to several federal agencies such as the US Census Bureau, National Oceanic and Atmospheric Administration, Bureau of Economic Analysis, and Office of Naval Intelligence.
Since Prince George’s County is keen on the redevelopment of this area, they have designated Suitland as a TIF District and a Revitalization Tax Credits Area. TIF or Tax Increment Financing allows the County to issue bonds to cover the cost of certain infrastructure such as roads or garage and design work, and site improvements. The bonds would be repaid through real estate taxes. The Revitalization Tax Area provides relief from real estate taxes calculated on the assessments on the additional value created by the new improvements. Relief will be provided over 3 years with 100%, 66% and 33% of the additional taxes forgiven. These programs would need to be approved by the County and would rely on the underwriting for the project.
The County also offers a Payment in Lieu of Tax (PILOT) program for properties with new affordable housing. This is a program that will need to be negotiated with the County.
Except for the new senior housing at the Town Square at Suitland Federal Center, the area lacks new apartments. Most of the new products have been constructed at the Branch Avenue Metro.
Prince George’s County recently adopted a new zoning code, allowing developers to take advantage of the LMUTC (Legacy Mixed Use Town Center) zoning allowing up to an 8 FAR subject to a detailed development proposal approval. Due to its location inside the beltway and near a Metro station, the property qualifies for an impact fee reduction to $13,997 per unit.
For more information, contact:
Adam Stein at (202) 603-5587 and [email protected].
Property Details
- Property Subtype
- Residential/Multifamily
Highlights
- Transit Oriented Development
- 3.5 Acres
- Located in a QCT, a TIF District and a Revitalization Tax Credit Area
Nearby Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].