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Development Partners to Build 1M-SF Project in Wheaton
A partnership of PS Ventures LLC, The Duffie Cos., Willco, and the Housing Opportunities Commission (HOC) is advancing plans for mixed-income apartment buildings in Wheaton, Maryland., totaling nearly 1 million square feet, Washington Business Journal reported.
The development at University Boulevard and Veirs Mill Road would comprise 800 to 900 units, including 30% affordable units, representing an investment in the “hundreds of millions” of dollars. The project aims for a range of income levels, with the first phase expected to break ground within two years. The development will feature two buildings in the first phase, with potential ground-floor uses including a preschool and grocers.
The project, designed to exceed standard sustainability practices, will benefit from HOC’s access to unique financing mechanisms, such as the county’s Housing Production Fund.
