Groundbreaking Ceremony Launches Construction of New Mixed Income Development
SILVER SPRING, Md., June 26, 2018 /PRNewswire/ -- The Housing Opportunities Commission (HOC) of Montgomery County, Maryland hosted a groundbreaking ceremony, on June 18th, for 124 units of mixed-income housing to be developed at 900 Thayer Ave in Silver Spring, MD. The development, scheduled to be completed August 2019, is within walking distance from the downtown office market, 1.5 blocks from Whole Foods Market, and 4 blocks from the Silver Spring red line Metrorail station.
The Concourse Group, LLC, HOC's development adviser for the mixed-income housing development, reports that the development will spur economic activity in Montgomery County and in turn, boost state-wide economic impact. The investments by HOC will have a multiplier effect and add to both the local tax base and that of the State. The investment of approximately $34 million in hard construction and construction-related costs for the project will result in nearly $53 million total economic output in Montgomery County.
HOC's spending will help with the creation of approximately 326 jobs (direct, indirect, induced) in Montgomery County. This economic activity is estimated to generate $976,278 in tax revenue for the County, as well as $2.1 million and $4.4 million in state/ local and federal taxes, respectively through the multiplier effect of these investments.
Tom Shea, principal at Concourse, said, "With HOC's investment, this project will add much-needed affordable housing stock and will also create jobs and increase the local tax base. We are thrilled to be a part of this team and to have advised HOC in realizing an important part of its mission."
About The Concourse Group, LLC
The Concourse Group, LLC, headquartered in Annapolis, Maryland, was founded in 2001 and provides consulting support in real estate finance, development, privatization, planning, and economics. The firm provides end-to-end real property consulting throughout the entire property lifecycle to optimize its client's portfolio. Concourse represents multiple Housing Authorities across the country.
For More Information Contact:
Tom Shea, Principal
202-262-0453
[email protected]
theconcoursegroup.com
SOURCE The Concourse Group, LLC
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