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May 14, 2018

RIVERFRONT AT WEST HYATTSVILLEA Transformative Transit-Oriented Development In West Hyattsville

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The Project

RIVERFRONT AT WEST HYATTSVILLE

› 400+ Residential Apartment Units - Potential For

10% Affordable Units

› 183 For-Sale Townhomes

› Up to 5,000 SF of Retail

› 4.5- Acre Community Park + Trail Improvements

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RIVERFRONT AT WEST HYATTSVILLE

Catalyst for Growth

› First metro-focused development in West Hyattsville that

will offer an estimated 800 people safe, quality housing

steps from metro

› Transforms an underutilized industrial property plagued by

environmental contamination and significant floodplain

issues

› Creation of a 4.5-acre park that will be an amenity for the

new community and the public. Improvements include:

• Improved connectivity for pedestrians and bikers to and between existing trails and the metro

• 1,100 linear feet of a 10’ wide hiker/biker trail & replacement of a portion of existing trail

• Hardscape, landscaping and lighting improvements throughout the park area

• New emergency call boxes and new LED lighting from the park area to Queens Chapel Rd

Investment

Community Park + Trail Improvements $782,000

Floodplain Mitigation $1,900,000

Structured Parking $4,500,000

Infrastructure (Roads + Utilities) $3,600,000

Offsite (Kirkwood) Utility Improvements $100,000

Total $10,882,000

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The Financials

RIVERFRONT AT WEST HYATTSVILLE

CURRENT TAX REVENUE

› Current Assessed Value (2018) $6,371,600

› Multi-family Parcel $1,720,000

› Townhome Parcel $4,651,600

› Annual Tax Revenue $95,000

› City of Hyattsville $40,141

› Prince George’s County $54,859

ASSESSED VALUE

Complete Project $84,586,000****

Less $1,720,000

Increase $82,866,000

INCREMENTAL TAX REVENUE

City $522,056**

County $713,476***

ASSESSED VALUE

Complete Project $110,575,730*

Less $4,651,600

Increase $105,924,130

INCREMENTAL TAX REVENUE

City $667,322**

County $912,006***

MULTI-FAMILY TOWNHOMES

* Estimate by Municap. Assumes year 2023

** Assumes City tax rate of $.63/$100 assessed value

*** Assumes County tax rate of $.861/$100 assessed value

**** Assessed value based on 2023 stabilized project revenue

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The Request – Multifamily Only

RIVERFRONT AT WEST HYATTSVILLE

10-YEAR CITY OF HYATTSVILLE TAX ABATEMENT

Gilbane proposes a 100% abatement of City of Hyattsville real estate property taxes for the multi-family portion of the project for a

period of 10 years. The proposal includes allocating 10% of total residential rental units as affordable to those individuals and

families earning a maximum of 60% of Area Median Income (AMI) as prescribed by HUD for the DC metropolitan area.

INCREMENTAL TAX REVENUE

County $713,476

INCREMENTAL TAX REVENUE

City $667,322

County $912,006

MULTI-FAMILY

TOWNHOMES

� A tax abatement allows the development of a catalyst project to

move forward and spurs redevelopment/investment in the

surrounding West Hyattsville corridor

� Creation of affordable housing at metro

� Creation of key public improvements that benefit the community

(connectivity, safety, recreation)

� Net increase of annual real estate taxes from townhome

development of $1,579,328 (City & County) and $713,476 from

the multifamily development (County)

KEY TAKEAWAYS

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RIVERFRONT AT WEST HYATTSVILLE

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