Amazon.com Inc. (NASDAQ: AMZN) has loaned Gilbane Development Co. nearly $16.1 million for 147 affordable units in a new apartment building adjacent to the West Hyattsville Metro station, the tech company said.
Gilbane Development, the real estate developer arm of Providence, Rhode Island’s Gilbane Inc., plans to build a 293-unit residential development called The Sovren, slated to open in the fall of 2024. In addition to Amazon, a $200,000 loan from the Prince George’s County Department of Housing and Community Development will preserve the dedicated units as affordable for residents who make up to 80% of the area medium income for 99 years, a county spokesperson said.
“Our efforts to preserve and create affordable housing in our county benefit immensely from projects like this one,” Angie Rodgers, Prince George’s County’s deputy chief administrative officer for economic development, said in an email.
Amazon awarded the below-market loan through its Housing Equity Fund, a $2 billion pot designated for the company’s three hub regions, including Greater Washington.
