Mt. Airy CDC undertakes real estate development projects that turn blighted and underutilized sections of Mt. Airy into vibrant and thriving community assets.
The organization has completed projects that have produced high quality affordable housing, improved commerce along Mt. Airy’s commercial corridors by attracting quality retail and service providers, and have produced a substantial positive economic impact on the neighborhood. Mt. Airy CDC’s real estate development department focuses on three areas of activity: Commercial and Mixed-Use Development; Residential Housing Development; and Asset Management.
Commercial & Mixed-use Development
Historically, this has been Mt. Airy CDC’s core real estate competency. Our projects have created opportunities for increased quality commercial tenancy along Mt. Airy’s commercial corridors. Past projects include: 18,000 square feet of new commercial space at the Phebe Commons, 5,000 square feet of rehabbed commercial space and 6 residential condo units at the Winston Commons, 1,800 square feet of commercial space at 6633 Germantown Avenue, along with a host of similar smaller scale commercial properties on Germantown Avenue.
Residential Development and Home Repair
Mt. Airy CDC’s residential projects have contributed significantly to the neighborhood’s health and vitality. We have restored and repaired several vacant homes in Mt. Airy. These buildings were acquired from vacancy or gifting by owners, then sold or leased once refurbishment was completed. The proceeds from selling and leasing the homes goes towards funding future projects. In addition to restoring vacant homes, Mt. Airy CDC assists current homeowners with repairs and home improvements, including: conducting an initial property inspection; working with homeowners to determine needed and desired repairs; putting together financing packages that meets the homeowners’ needs; and managing the construction process through to completion. We have also become very successful in helping income eligible homeowners apply for home improvement grants (e.g., the Targeted Housing Preservation Program) or low cost loans (e.g., the PHIL-loan program).
Mt. Airy CDC self-manages its 35,000 square foot real estate portfolio, and provides an array of property management services to Mt. Airy CDC and its related entities. Regular services include: lease management and tenant negotiation; performance of ongoing maintenance and capital improvement projects; analysis of portfolio financial performance; preparation of annual property budgets; maintenance of loan portfolio compliance; and risk management.