Business
Comstock Announces Affordable Housing Project for Rockville Development Site
Joint venture with SCG Development will enhance accessibility to Metro’s Rockville Station RESTON, Va.--(BUSINESS WIRE)-- Comstock Holding Companies, Inc.
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"\nJoint venture with SCG Development will enhance accessibility to Metro’s Rockville Station\n\n\n RESTON, Va.--(BUSINESS WIRE)--\nComstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, announced today that it is partnering with SCG Development Holdings, LLC (“SCG”) to form a joint venture that will develop an affordable housing project located on land currently owned by Comstock at 41 Maryland Avenue in Rockville, Md. (“Comstock 41”). The property, located adjacent to Metro’s Rockville Station on the Red Line, will be branded as Momentum @ Rockville Station and is slated to deliver well over 100 affordable housing units to the community.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241120370662/en/41 Maryland Ave Rockville, MD 20850 (Photo: Business Wire)\n“The City of Rockville is working to expand housing options to help support the everyday heroes of our community, including teachers, firefighters, police offices, health professional staff, and other people who help our city, county, and state run,” said Monique Ashton, Mayor of Rockville. “We look forward to working with this joint venture [Comstock and SCG] to create more high-quality, transit-oriented, affordable housing that provides a safe place for residents to thrive.”\n\n\nSCG is a respected leader in affordable housing development that specializes in community-centered housing solutions. They have been involved in the successful development of more than 100 properties across the United States, including Momentum @ Shady Grove, a similar affordable housing project developed by SCG and Comstock that sits adjacent to the Shady Grove Metro station and was delivered in 2020.\n\n\nComstock and SCG entered into a definitive purchase agreement for Comstock 41, which was acquired by a subsidiary of Comstock in late 2023 for approximately $1.5 million. Pursuant to the purchase agreement, Comstock and SCG will enter into an operating agreement and a development agreement, under which Comstock will provide development management services to the joint venture. The Company will also be entitled to provide property management services once the development is ready for...