Feasibility Analysis Conclusions As is the case with many urban redevelopment projects not served by transit, parking drives development programming and economics. Bladensburg is an untested market for new multifamily development. For this reason, the analysis concluded that a project might be successful with relatively low rents. This competitive rent, however, will not support structured parking. Therefore, much of the density allowed by the M-X-T (Mixed-Use Transportation Oriented) Zone cannot be utilized. Public-sector gap funding will be necessary to incentivize the redevelopment of all three potential sites, and subsidy is required under both the prior and current zones. The Port Towns Sector Plan is scheduled for an update in fiscal year 2024, which will offer an opportunity to revisit the vision and zoning for the study area. Over this period the market could change, clearing a path for new opportunities.
Prince George’s County Planning Department
Bladensburg Market Feasibility and Economic Analysis • Page 45
