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Final Phase of $115M Glenarden Hills Redevelopment Opens
Pennrose, Redevelopment Authority of Prince George’s County, B&W Solutions, SHABACH! Ministries, and local officials recently celebrated the grand opening of Phase III of the $115 million Glenarden Hills Redevelopment Project.
The final rental phase delivers 158 mixed-income rental homes to the 27-acre master-planned community. The third phase was developed as a twin transaction, utilizing both the competitive 9% and the 4% low-income housing tax credits.
“The completion of Glenarden Hills Phase III marks an incredible achievement for the Redevelopment Authority, Prince George’s County, and the City of Glenarden – and is proof of how much we can accomplish when we have a compelling vision and a strong public/private partnership,” said Patrick Stewart, regional vice president at Pennrose.
Financing for Glenarden Hills Phase III was provided by Bank of America, M&T Realty Capital Corporation, Cedar Rapids Bank and Trust, Maryland Department of Housing and Community Development, Prince George’s County Department of Housing and Community Development, and the Redevelopment Authority of Prince George’s County.
