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.
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.