The Montgomery County Council will consider legislation that would provide incentives for high-rise developments over metro stations.
Today, Councilmember Hans Reimer will introduce a bill that would allow developers to make a payment in lieu of taxes (PILOT) to build residential and commercial buildings at least eight stories tall over metro stations. Developments would then be exempt for 100 percent of the real property tax for a 15 year period. The bill is an effort to increase the number affordable housing units in the county and reduce vehicle miles traveled. Reimer says the proposal could lead to more than 8,000 new housing units and provide 1,300 affordable housing units.
From coverage in Bethesda Magazine:
“If you go to most Metro stations in Montgomery County, you’re going to see surface parking lots and parking garages where we should have high-rise housing,” he said. “The problem is the market is not working to support the development of new high-rise housing. We have got to change the game for development at Metro sites. If there’s one place that we can all agree that we want as much housing as possible, it’s on top of a Metro station.”
There is a regional housing shortage, Riemer said, and the legislation is a solution that has regional potential. High-rise buildings could also include day cares, restaurants and cafes.
“That’s never going to happen unless a private sector entity is willing to take a risk and build here and if they can make enough profit to justify it,” Riemer said.
Coverage in Bethesda Magazine
Coverage in Maryland Matters