A planned development project near the Odenton MARC station got a special designation from the Anne Arundel County Council on Monday night, making it eligible for financing and tax benefits from the state and federal government.
The council passed a resolution declaring the project to be a “transit-oriented development,” due to its proximity to the train station and bus routes.
Osprey Development is the lead developer of the project, which would be built in partnership with the Maryland Department of Transportation and Anne Arundel County. The three sides have signed a memorandum of understanding for the project and are currently working on a master development agreement.
Plans call for MDOT to sell or lease land to the developer, with the state and county funding some pre-development costs.
Early plans have called for 572 apartments and condominiums on the site, with 250 townhouses, five single-family homes, 74,000 square feet of retail space and a hotel with 90 to 120 rooms.
The project would also include a parking garage to serve MARC commuters and those living at the site. The sides are still working to determine whether parking would remain free.
In June of 2010, the state of Maryland named the project as one of 14 transit-oriented projects eligible for state assistance. With the designation from the county, the developers can now apply for an array of special financing options, tax credits and other programs offered by the state and federal governments.