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Banneker Ventures, a Silver Spring, Md.-based development company, has secured a $20 million loan from Amazon that will be used to construct 193 affordable housing units as part of its $85 million Park Place development in Capitol Heights, Md., the company said.
Located at 6301 Central Avenue, across the street from the Addison Road-Seat Pleasant Metro station, the property will include studios, one-, two- and three-bedroom units, preserved as affordable for 99 years.
The affordable units will be reserved for households earning between 40 and 60 percent of the area median income, which is currently $91,124 for a household of four in Prince George’s County.
This is just the latest investment as part of the Amazon Housing Equity Fund’s $2 billion commitment to create and preserve 20,000 affordable homes. In the D.C. Metro area alone, the fund has passed the $1 billion mark to help create or preserve more than 6,500 affordable homes in the past two years.
The e-commerce giant is building its second headquarters in Northern Virginia’s National Landing.
Park Place will also include 11,000 square feet of ground-floor retail, anchored by Bank of America. Construction of the development is slated to start this fall with a planned completion date of summer 2025.
Requests for comment from Amazon and Banneker Ventures were not immediately returned.
Keith Loria can be reached at Kloria@commercialobserver.com.
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