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Originally built in 1971, Park Montgomery is a 15-story, high-rise apartment building with an adjacent two-level parking garage. Consistent with efforts by Montgomery County and the Purple Line Corridor Coalition to create more affordable housing opportunities along Metro lines, Enterprise Community Development will demolish and replace the existing parking garage with a new five-level building to accommodate the addition of 76 new apartments. All 217 Park Montgomery apartments will serve households earning 60 percent or less of the area median income.
Located on MDOT MTA’s Purple Line, just a quarter mile from the future Piney Branch station, Park Montgomery and Park Montgomery West are approximately two miles east of downtown Silver Spring, providing residents convenient access to public transportation, amenities, shopping and entertainment.
“Park Montgomery and Park Montgomery West add much needed metro and light rail-accessible affordable housing in Montgomery County, supporting lower income, working class households with access to their jobs, incredible schools and world-class amenities,” said Rob Fossi, Senior Vice President of Real Estate Development, Enterprise Community Development. “On behalf of the residents and communities that we serve, Enterprise celebrates our dedicated partners and the combination of LIHTC equity and investments by the state and the county that not only preserve existing affordable rental housing but also help produce new affordable housing in this high cost, community of opportunity.”
The development cost for the project totals approximately $74 million. Funding for the project includes a senior mortgage arranged by Bellwether Enterprise, LIHTC equity provided through Enterprise’s housing credit investment business, and significant funding from both the State of Maryland Community Development Administration and the Montgomery County Department of Housing and Community Affairs. Enterprise Community Development will also be using 28 housing assistance payment vouchers through the Montgomery County Housing Opportunity Commission for both Park Montgomery and Park Montgomery West.
Montgomery County Executive Marc Elrich said, "Too often, when a neighborhood increases its amenities, the existing residents are forced out because of unaffordable rents. As the Purple Line station comes to the neighborhood, this project preserves, improves and expands affordable housing options. I appreciate the partnership with Enterprise and the State and look forward to continuing our efforts to build a more equitable and prosperous community for all.”
"These new developments will both expand the supply of affordable housing in the state and preserve the existing and critical affordable housing we have,” said Maryland Department of Housing and Community Development Secretary Jake Day. “With the help of partners like Enterprise Community Development, we will continue to work towards our goal of providing healthy, safe, affordable, dignified housing options for all Marylanders.”
Soto Architecture & Urban Design is the project architect and Harkins Builders serves as the general contractor on both the new construction building and the renovations of the existing building. Charles P. Johnson & Associates is the civil engineer on the project. Enterprise Residential is providing property management and resident services.
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