New Projects in Development

Maple Towers Apartments

Rehab of Maple Towers Apartments in Full Swing
Major Overhaul Will Preserve Affordable Housing for 36 Families

Construction on 7610 Maple Avenue got started this summer and MHP plans to complete the transformation of the 44-year-old apartment community in Spring 2011. The 8-story brick building is near the intersection of Ritchie Avenue in the heart of Takoma Park. It had sat vacant for nearly three years when MHP purchased it, and had a history of housing code violations.

It is now being gutted and renovated with environmentally-friendly technology and products that will meet Green Communities criteria. The renovations - which include all new kitchens, bathrooms, windows, plumbing and HVAC systems - are partly financed by low-income housing tax credits issued by the State of Maryland (valued at $4.62 million), and gap financing from Montgomery County Department of Housing and Community Affairs.

MHP acquired Maple Towers in December 2008 after the previous owner abandoned her plans to convert it to condominium ownership when the market collapsed. The building is located within the Takoma Park Community Legacy Area, and is a Designated Neighborhood for the Maryland Department of Housing and Community Development's Neighborhood Business Works Program.

Construction costs are projected to run $5.25 million and will include reconfiguring the one, two and three-bedroom apartments to make them more spacious for larger families. The finished project will have a secured entry, new elevator and onsite leasing office. New features will also include a 2,000-square feet community center with computer lad and business center for residents, and a tot lot. Seventy-eight percent of the planned 36 units will be rented to low-and moderate-income families, with remaining offered at market rate.

MHP's development activity in the Takoma Park area over the last three years has featured the Takoma Park Preservation (TPP) project, which was completed in late 2008. TPP included preservation and renovation of three other buildings at risk of being converted to condos: Merrimac Gardens Apartments on University Boulevard, Sligo View Apartments on Houston Avenue, and The Crossroads at Flower on Flower Avenue.
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MHP and Donohoe Selected for Downtown Silver Spring Redevelopment Site

County Executive Isiah Leggett announced that the development team led by The Donohoe Companies and Montgomery Housing Partnership (MHP) has been selected to develop a mixed-use project adjacent to the new Silver Spring Library. The one-acre site, located at the corner of Fenton and Bonifant streets, is also adjacent to the future Purple Line station and will include a mix of commercial and residential uses.

“This project is another step in the evolution of Silver Spring,” said Leggett. “Donohoe and MHP are a highly qualified team for this mixed-use, mixed-income project.”

Other members of the development team include:

• Architects: VOA Associates
• Civil Engineers: Loierderman Soltesz Associates
• Landscape Architect: Parker Rodriguez.

MHP Purchases Parkview Towers in Takoma Park

Acquisition Financed by Enterprise and Maryland-BRAC Preservation Loan Fund

MHP closed out a busy year of real estate development activity in Takoma Park with the acquisition of the 125-unit Parkview Towers apartments at 7667 Maple Avenue. MHP purchased the 11-story building for $6.895 million from a private owner, and will preserve it as affordable rentals.

The acquisition of the 47-year-old rental community was financed from loans by Enterprise Community Partners, Inc., the State of Maryland, and the seller.  The State’s funding came from its Maryland-BRAC Preservation Loan Fund, and was the first transaction approved through the newly created fund to finance housing development in areas affected by military base realignments.

Parkview Towers offers studio, 1-bedroom, 2-bedroom, and 3-bedroom units - and occupies almost 3 acres in the heart of Takoma Park. It has onsite parking and is within walking distance to retail, schools, county services, the Takoma Metro Station, and Sligo Creek Parkway. Equity Management is handling the day-to-day management of the property, which is near capacity.

MHP is planning a two phase renovation. Phase 1 – which will be completed during 2011 - includes repairs to the mechanical, plumbing and elevator systems; upgrades to security systems, exterior lighting and landscaping; and installing water saving devices in order to reduce utility costs.