Vibrant Mixed-Use Development to Transform Southern Gateway at University of Maryland
May 12, 2016
COLLEGE PARK, Md., May 12, 2016 /PRNewswire-USNewswire/ -- A vibrant new development is in the works that will dramatically change the southern edge of downtown College Park. The University of Maryland today announced plans to redevelop the Quality Inn, and several adjacent businesses, into a grocery-anchored, mixed-use community featuring upscale residences, restaurants and retail.
The project involves collaboration between Bozzuto, Willard Retail, and the University of Maryland College Park Foundation, the entity that will acquire the property in early 2017. This $110 million project is a signature piece of the University's Greater College Park initiative, an ongoing effort to rapidly revitalize the Baltimore Avenue corridor and academic campus.
"We are thrilled to contribute toward this transformative project at the southern gateway to our campus," said Peter Weiler, Vice President, University Relations and President of the UMCP Foundation. "The strength and retail expertise of our partners, Bozzuto and Willard Retail, will deliver this transformative market-leading community to the City of College Park."
The project, slated to break ground in 2018, will create a town-center atmosphere within steps of the campus, complete with 300 luxury apartments. Modelled after a similar project that helped invigorate the area around Catholic University in Northeast D.C., this project is designed to create a welcoming atmosphere as visitors arrive on campus via Baltimore Avenue. It will also serve and enhance the amenities available to the community of more than 50,000 students, faculty and staff at UMD.
"We are grateful to have been selected to develop this wonderful project with the University of Maryland College Park Foundation, the University of Maryland, the City of College Park, Prince George's County, and Willard Retail," said Toby Bozzuto, President and CEO, Bozzuto. "The combination of our previous experience developing Monroe Street Market with Catholic University and the strength of our partners will create a community to complement the University's ongoing redevelopment efforts in downtown College Park. This is a rare opportunity to develop a project with transformative potential and we are proud of our stake in this extraordinary collaboration."
County and city leaders echo the enthusiasm. "I am thrilled to see Bozzuto, one of Prince George's County's most important companies, partner with one of our most important economic resources, the University of Maryland," said Prince George's County Executive Rushern L. Baker, III. "Over the past five years since the arrival of President Wallace Loh, we have seen a transformational change in housing, retail, employment, and transportation options along Baltimore Avenue and in the College Park area. With Bozzuto's involvement, I have confidence that this premier development will bring quality and vitality to the southern portion of College Park, making that area more attractive to new residents, as well as to students, faculty, and staff associated with the University."
"Remaking Baltimore Avenue as College Park's walkable main street is a key element of the University District Vision 2020," said Senator Jim Rosapepe, chair of the College Park City/University Partnership, which drafted the vision that was endorsed by UMD and the city. "This project, focused on residences and a grocery store designed with families and the community in mind, is a big step forward."
"With The Hotel at the main gate, and this new project at the southern edge of the city, College Park is now bookended by transformative developments supported by the UMCP Foundation," said Weiler. "We are proud to play such an important role in creating a Greater College Park."
About the University of Maryland, College Park
The University of Maryland, College Park is the state's flagship university and one of the nation's preeminent public research universities. A global leader in research, entrepreneurship and innovation, the university is home to more than 37,000 students, 9,000 faculty and staff, and 250 academic programs. Its faculty includes three Nobel laureates, three Pulitzer Prize winners, 47 members of the national academies and scores of Fulbright scholars. The institution has a $1.8 billion operating budget and secures $550 million annually in external research funding. For more information about the University of Maryland, College Park, visit www.umd.edu.
Bozzuto is a full-service, nationally recognized real estate company focused on creating extraordinary experiences of home and community. Our expertise in multifamily, mixed-use development, construction, management, and homebuilding allows us to create places that enhance the lives of our residents and the communities in which they live. In 2016, for the second year in a row, Bozzuto was named the Top Property Management Company for Online Reputation by Multifamily Executive and J Turner Research.
Privately held and family run since its founding almost thirty years ago, Bozzuto has acquired, developed, and built more than 42,000 apartments and homes. Currently, Bozzuto manages more than 54,000 apartment residences and approximately two million square feet of retail space. For more information, please visit www.bozzuto.com.
About Willard Retail
Willard Retail is a retail real estate development, consulting and investment management firm based in Chevy Chase, MD. Founded in 2015 by partners of JBGR Retail, Willard Retail delivers a depth of free-standing and mixed-use retail development experience with creativity and fresh thinking. The company's focus is on urban and suburban in-fill investments within the Mid-Atlantic that involve great retail.
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SOURCE University of Maryland