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EDC and council members: structured parking and regional rent gaps make TOD financing difficult
Summary
Prince George's County Economic Development Corporation president David Iannucci and committee members said structured parking and lower local rents reduce developer returns and require public incentives; EDC described its supportive role in retail attraction and TIF/pilot coordination.
David Iannucci, president of the Prince George's County Economic Development Corporation, told the committee that TOD has been a county priority for more than a decade, but that high infrastructure costs—especially for structured parking—make many projects financially challenging. He estimated structured‑parking and related infrastructure can add tens of millions to a project and observed that rents in Prince George's are lower than neighboring counties, which reduces developer revenue.
"Anytime we're doing any apartment building by a metro station, there's gonna be demand for structured parking... a standard apartment building is gonna have an extra $25,000,000 expense just to go because of the infrastructure parking," Iannucci said. He explained EDC performs a supportive role—bringing retailers, connecting developers to DHCD, and helping coordinate incentives such as TIFs—and that the agency will continue to work with partners to make projects viable.
Committee members and EDC speakers also highlighted that deeply affordable units targeted at very low area‑median‑income levels can go unfilled if local incomes exceed those thresholds, complicating demand assumptions for 'deeply affordable' set‑asides.
