According to Werrlein, it purchased the property for $6-$7 million dollars. They are not planning on building any affordable housing units. Let’s assume the high end of that figure ($7 million). They plan on developing 84 homes for resale (combination of townhouses and single family homes). They will price their homes in the low 500s to high 600s depending on the features. Let’s assume an extraordinarily low end of that profit figure when building and labor costs are factored in, every home will be a net profit of $200,000.
The developer will make an astonishing $16.8 million dollars in net profit before taxes. The community gets no affordable housing units when they could easily afford to create them, no business tax benefits since the developer isn’t based in Hyattsville and only a handful of temporary jobs created. The city loses a place where a new school could be built, a park could be expanded or actual affordable housing can be built.
Just over the hill on Jefferson Street, we have an elementary school that serves our community well. It is facing a myriad of issues including severe overcrowding and public health hazards. Ironically, the land it is built on would actually serve as a better space for developing denser, more affordable, environmentally friendly housing. It would have easier access to downtown shopping, bus services and the municipal building.
I understand the environmental concerns regarding the flooding issue. With that said, if the city is comfortable with a developer moving forward developing in this zoning area, why is a school unacceptable? Why should we prioritize the millions of dollars an out-of-town developer would make in the future against the new school facilities that our children need right now?
We should not. If this project moves forward, it would be a disservice to the entire community, dry out affordable housing stock in the city and eliminate a site where a much needed school could be built. This project is a slap in the face to the progressive values of the community. It would be a travesty, and a tragedy for our children, if it were to move forward.