Urban Atlantic and its joint venture partner Brookfield Properties are about halfway done building up one of Prince George’s County’s biggest and most strategically important developments.
Covering 40 acres, New Carrollton is anticipated at buildout to weigh in at nearly 3 million square feet anchored by Kaiser Permanente, including 1,500 residential units, 1.1 million square feet of office along with retail and hotel uses that remain in flux.
The project represents a huge public-private partnership, involving ground-leased land from the Washington Metropolitan Area Transit Authority and $93.5 million in public investment from the federal, state and county governments. That figure doesn’t include Opportunity Zone joint venture equity, a payment in lieu of taxes and New Markets Tax Credits, a federal subsidy to investors aimed at attracted private capital, that were used for vertical development.
So far, the Kaiser building delivered in 2019; Stella, a market-rate residential building, in 2021; and an office building for the Washington Metropolitan Area Transit Authority, which operates the region’s Metrorail and Metro bus systems, in 2022. Margaux, an income-restricted affordable residential building, will begin taking its first tenants in June. A new WMATA parking garage and bus facility began vertical construction in 2023.
