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Development News: Toledo Terrace, Firehouse Lofts

Major redevelopment soon to begin at Toledo Terrace; Firehouse lofts sneak peek.

 

In real estate development news, the company behind some of the redevelopment behind Prince George's Plaza has dished details on new apartments, condominiums and offices planned for the area. 

Speaking to local real estate blog DCMud, Jared Spahn of Old Town Construction, said that he expects a grading permit to construct "building 6" within the next few weeks. The project is part of an overhaul of 25 acres currently occupied by the Toledo Terrace apartments and is situated just across the border from municipal Hyattsville. 

The four story, 360,000 square foot building 6 will feature a parking garage and 283 units. It replaces a series of five low to middle income apartment buildings which held a total of 105 rental units in an area bound by Toledo Terrace and Toledo Place. 

The former tenants will likely not be able to afford the new digs. 

Spahn said it needed to be “extremely high-end to compete with the other great projects that have been invested in around that Metro station.” - DCMud

Spahn also said that his luxury development would be competitive with other area apartment and condominium complexes because of that local touch. 

“What I think sets our building apart a little bit from the others is because compared to Post Park and Equity Residential, we are renting from friends and family instead of a multinational corporation. What it allows us to do, we’re not driven by stock prices or market movements because we are long-term investors, it’s going to allow us to provide, we think, a better priced product for our customers than those that have to answer to Wall Street.” - DCMud

Eventually, the development will almost completely change the cityscape behind the Mall at Prince George's. Check out the full vision behind the redevelopment in these 2009 documents. 

Also, the Hyattsville Wire has the dish on the recently renovated lofts at the historic firehouse on Farragut Street.

According to the Wire, there are eight condominums available to buy, ranging in price from roughly $200,000–for the one bedroom–to $575,000–for the three bedroom units.

Related Topics: Toledo Terrace Apartments

Gretchen Ward Waller

9:28 am on Friday, June 15, 2012

Wow! I guess developers just expect low and middle-income people to dissapear into thin air! It's a shame they just get pushed out of their homes! Now this should guarantee a crime-free West Hyattsville!

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Sal

10:28 am on Friday, June 15, 2012

This isn't West Hyattsville. I don't know if you're being sarcastic or not, but the mall is still there, and there are always thefts and crimes that happen there.

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Danny

11:58 am on Friday, June 15, 2012

land near the metro is very valuable. if you owned the land, you, too, would probably want to increase density and charge higher rents. there are plenty of remaining rental units in this area at similar cost to the buildings that were demolished.

and nobody was "pushed out" of his or her home. the tenants' leases expired and were not renewed in the group of buildings that are being redeveloped. the residents were renters who had, by definition, a limited-term lease on the apartments. they were not the owners of the property.

Gretchen Ward Waller

11:15 am on Friday, June 15, 2012

West Hyattsville, Hyattsville, whatever! The point is, what I gather from this article is that the developers are pushing the low & middle income people out; giving the perception that there will be less crime, (to clarify) near the mall!

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Danny

11:52 am on Friday, June 15, 2012

hopefully less crime is more than a perception. i think we all would prefer a community with less crime, regardless of our income level.

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Adelphi Sky

9:53 am on Wednesday, July 18, 2012

Funny, I never read anything in the article that mentioned less crime. That perception is coming from you. And yes, with any demographic change there is a change in crime rates. Just ask D.C. residents.

ana moran

2:08 pm on Friday, June 15, 2012

How come the real west hyattsville, near the metro isn't being touched? That is where they need to fix! people found dead in the creek, rapist and thefts and crime! sidewalks and roads all broken and old! why not develop this side where there is nothing?

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Adelphi Sky

9:54 am on Wednesday, July 18, 2012

Different owners. When you own the land, you can do what you want with it. There was talk about a West Hyattsville development. But like most developments in the planning stages, they got postponed indefinitely because of the economy.

Gretchen Ward Waller

2:43 pm on Friday, June 15, 2012

I agree Ana! I've been a Hyattsville resident for over 20 years, and the only thing they've put over there since the old Ginn's Office Supply building has been closed is the Metro. Otherwise, it remains untouched and raggedy! If the land near Metro is so valuable (Danny), why haven't developers done anything with this land if they care so much about increasing density? Probably because there's no mall or anyplace to eat to attract people.

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Danny

4:29 pm on Friday, June 15, 2012

i think your theory that the land near PG plaza is more valuable than the land near west hyattsville metro due to the existing retail and office infrastructure near PG plaza is definitely a major factor in the difference in developers' interest. there was, if you recall, a plan to totally redevelop the land around west hyattsville, but it fell apart due to the housing crash. perhaps west hyattsville will be developed eventually, but right now the critical mass is around PG plaza. in the future, when there is developer interest in west hyattsville, i'm sure the landowners will be happy to see increased density. the city/county can hopefully get the future developer to pay for the roadway and sidewalk improvements that ana notes are needed.

Bea

12:38 pm on Monday, June 18, 2012

I agree, They should something with the land over by Kirkwood more so than Belcrest and Toledo. They just finished renovating Toledo. And there is plenty of vacant untouched land over behind Kirkwood & West Hyattsville Metro. And what is the plan for the low income people that are going to be displaced? Anybody??? wanna take them in??? No seriously, because there is just too much of this going on. It's one thing to upgrade housing , as we all want better for ourselves and our families, but whats the real cost when you evict these people, who work long hours just to keep what they have now? There are less and less places for them to go, and if no one has a solution for where they should go or at least offer a percent of the housing to those same lower income families, then just leave the whole situation alone. Come up with a plan first for these families. Medium to low income people are "PEOPLE" too!

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Danny

2:15 pm on Monday, June 18, 2012

there are thousands of rentals comparably priced to the small number demolished on toledo road. besides those in the immediate area of PG plaza, there are plenty in other parts of hyattsville, langley park, riverdale park, and northeast DC. what there are few of, until recently, are modern rentals in the immediate area appealing to non-undergraduate, middle-class professionals who want easy access to metro and to UMD. developers are responding to this demand.

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Neighbor

5:33 pm on Tuesday, June 19, 2012

I agree, there are plenty of shabby rentals around for lower income people to move into. I'd say Hyattsville has done more than it's fare share of affordable housing for the last 2 decades, perhaps Bethesda can afford to take some of them in. What's truly shameful is concentrating all of the affordable housing in one area. I live in Hyattsville because it convenient to my job in DC, it has a ton of amenities and its affordable, but my least favorite thing about Hyattsville is the lack diversity in the population around the metro. We should be celebrating a brand new building and welcoming our new neighbors who can afford it. Thanks Mr. Spahn for working to make our community a better place!

Gretchen Ward Waller

1:37 pm on Monday, June 18, 2012

My point exactly Bea! Apparently, the developers care more about the land and what money they can make, than the people they dispace! It's called Gentrification:
Per Wikipedia: Gentrification refer to the changes that result when wealthier people ("gentry") acquire or rent property in low income and working class communities. In a community undergoing gentrification, the average income increases and average family size decreases. This generally results in the displacement of the poorer, pre-gentrification residents, who are unable to pay increased rents or house prices and property taxes. Often old industrial buildings are converted to residences and shops. In addition, new businesses, catering to a more affluent base of consumers, move in, further increasing the appeal to more affluent migrants and decreasing the accessibility to the poor."

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Danny

2:17 pm on Monday, June 18, 2012

"developers care more about the land and what money they can make, than the people they dispace"

it is really worth noting that developers are more interested in making money than in the personal lives of the people temporarily renting space from them?

Gretchen Ward Waller

2:59 pm on Monday, June 18, 2012

Yes I do Danny! This article clearly states, "The former tenants will likely not be able to afford the new digs. ". So if the developers cared more about the people than making money, they would make the new "digs" affordable to the former tenants so they can stay!

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Danny

3:15 pm on Monday, June 18, 2012

i was not disagreeing that this developer, like all developers, is more interested in making money than in his renters' personal lives and long-term living situations. my comment was that this fact is so obvious and intuitive that it isn't even worth noting. as you point out, he admits it explicitly.

the developer has no obligation to keep all the run-down apartments as they are, so that his existing tenants can stay. instead, he is choosing to diversify some of this prime land to attract other demographics, as well.

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Adelphi Sky

10:02 am on Wednesday, July 18, 2012

This will continue to happen. Due to the D.C. area's relatively low unemployment and BRAC position, more middle to upper middle class people will continue to pour into the area. These people demand better quality standards and living. They also demand to live close to puplic transit systems. That demand raises the value and thus the cost of land in the area. To meet the demand and to maintain the cost, these new developments will cater to the new demographic demand. There's no consipracy to displace low-income people just for no reason. Market forces are pushing them out. The only other alternative like Danny mentioned is to keep the same old buildings and sprawl outward further into the outer suburbs where there is no current low-income infrastructure. But that's not smart growth. And smart growth is in. Suburban sprawl is out. Developers are working with what they already have in place.

Chris Currie

12:39 pm on Thursday, June 21, 2012

Just to inject a factual reference point, according to the 2010 U.S. Census, Hyattsville over the past decade was simultaneously gentrifying and de-gentrifying. In other words, the number and percentage of affluent residents increased, but the number and percentage of low-income residents also increased. Hyattsville's traditional demographic core -- upper-working-class and lower-middle-class residents -- shrank.

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robert gable

4:58 pm on Thursday, August 2, 2012

when did it become wrong in america to want to make money ?

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