(Read more on the multifamily market.)

HYATTSVILLE, MD-Post Properties has broken ground on its first new development in Maryland. The Atlanta-based company, which has operations in 10 markets, is building an $86.5-million luxury residential-retail mixed-use project in this submarket.

Called Post Park, the 6.8-acre complex will provide 396 units. Of these, 326 will be rentals and 70 will be condos, with a mix of studios, and one-bedroom and two-bedroom units. Post Park will also have 1,700 sf of ground-floor retail space. The first apartment units are expected to be available in Q2 ’09; the first condos in fall of 2009. Urban Pace LLC is handling the condominium presales.

Part of the project also calls for the remediation of an eroded stream channel running through the site into the Northwest branch of the Anacostia River and then into the Chesapeake Bay. The remediation is expected to eliminate a sediment transport downstream, according to the company, and the rehabilitation of aquatic life in the stream and the Anacostia Watershed.

Hyattsville has traditionally been a DC bedroom community with little luxury development. That is changing with the introduction of new multifamily projects over the last few years, including this one. Post Park says it likes the submarket because it has good growth potential. “This community will offer a unique living experience for an underserved market in the DC metropolitan area, and build on our concentration of communities in the area,” says David Stockert, president and CEO of Post Properties.

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