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Bozzuto, J.P. Morgan, Terrapin Development Company and Willard Retail Break Ground on Redevelopment of Downtown College Park

April 10, 2020

COLLEGE PARK, MD (April 10, 2020) — Bozzuto Development, along with partners Terrapin Development Company, Willard Retail and investors advised by J.P. Morgan Asset Management, is thrilled to announce that construction has started on a mixed-use community featuring upscale residences, restaurants and grocery-anchored retail at the southern gateway of Downtown College Park.

Located within an Opportunity Zone at the intersection of Baltimore Avenue and Calvert Street (7150 Baltimore Ave), this redevelopment will anchor a new, dynamic district in Downtown College Park. The project is a signature piece of the University of Maryland’s Greater College Park initiative to revitalize the area by creating a vibrant downtown community, a public-private research hub and dynamic academic spaces.

Beginning with the original vision and RFP issued by the University of Maryland Foundation in 2015, the intent has always been to deliver an energetic and ambitious mix of retail spaces and residences at this important site within the heart of College Park. The closing and groundbreaking are the results of many remarkable partnerships, including Prince George’s County and The City of College Park, both of which provided financial assistance to ensure the economic feasibility of the project. Financing also includes a construction loan with Bank of America and PNC Bank.

“We are proud to partner with Bozzuto Development and Willard Retail to help enrich and revitalize Downtown College Park. This new development will not only provide quality housing options for students, but it will also serve the Greater College Park community with essential retail amenities,” remarked Ken Ulman, President, Terrapin Development Company.

When complete, the community will deliver a 61,000-square-foot retail environment anchored on each end by attractive grocer and fitness uses, as well as 650 parking spaces. In assembling parcels owned by various parties, including College Park Shopping Center who will also be a partner in the project, the development team was able to extend Calvert Street to create two appropriately scaled blocks linked by an amenity bridge that sits above a pedestrian-oriented retail street. Importantly, Calvert Street extends directly to the College Park Metro (current Green/Yellow Line and upon delivery, the Purple Line) just ½ mile from the redevelopment.

Set above an active retail streetscape, the multifamily experience with its 393 apartments will be on-par with the urban residences of Washington, D.C., differentiated by a softness and warmth throughout spaces that flow inside and out—characterized by natural materials, botanical art, and greenery. Upon entering the spacious art-filled lobby, an impressive amenity experience leads up a grand staircase, across a co-working amenity bridge, and straight toward a lush pool courtyard that is wrapped by highly designed social and wellness spaces.

The design of the amenities flows seamlessly into a verdant courtyard, creating the lush sense of a botanical garden, reinforcing a sense of wellness and connectivity. This biophilic design draws upon the University’s founding as an agricultural college, linking the current evolution of College Park to its rich history.

“Through incredible partnerships and collaboration, we have developed one of the first mixed-use communities within D.C.’s largest and most recent college-led neighborhood transformations,” said Jeff Kayce, SVP, Managing Director, Bozzuto Development Company. “Getting to this point required hard work from many creative teams and passionate individuals. The design ingenuity of the project integrates dynamic open gathering spaces, fosters connectivity between uses and creates points of resonance throughout the site.”

 

Project Team

Developers – Bozzuto Development, Terrapin Development and Willard Retail
Contractor – Bozzuto Construction Company
Multifamily Property Manager – Bozzuto Management Company
Architect – Design Collective
Interior Designer – Streetsense
Landscape Architect – LandDesign
Civil Engineer – Bohler
Retail Leasing – KLNB

 

About Terrapin Development Company 

Terrapin Development Company (TDC) is a joint venture real estate and economic development entity created by the University of Maryland, College Park, and the University of Maryland College Park Foundation. TDC’s mission is to create long term value for its members while transforming Greater College Park into a vibrant, diverse and walkable community that attracts the best faculty, staff and students, and galvanizes a culture of research and entrepreneurship.

 

About Willard Retail

Willard Retail is a retail real estate development, consulting and investment management firm based in Bethesda, 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.

 

About J.P. Morgan Global Alternatives

J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With 50 years as an alternatives investment manager, $145 billion in assets under management and over 700 professionals (as of December 31, 2019), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives and hedge funds. Operating from 17 offices throughout the Americas, Europe and Asia Pacific, our 15 independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: www.jpmorganassetmanagement.com.

 

About Bozzuto

The Bozzuto Group is an experience-focused real estate company distinguished by their innovative developments, dedicated customer service and top-rated workplace culture. With award-winning expertise in homebuilding, multifamily development, construction and management, Bozzuto is devoted to delivering extraordinary experiences for those they serve.

Since their founding in 1988, Bozzuto has developed, acquired and built more than 50,000 homes and apartments. Celebrating 32 years of creating sanctuary for their residents, Bozzuto currently manages 77,000 apartments and 2.5 million square feet of retail space along the East Coast, Chicago, Boston, Miami and the Northeast. www.bozzuto.com

 

CONTACT: Chintimini M. Keith

Vice President, Corporate Communications and Marketing

(O) 301.446.2274

chintimini.keith@bozzuto.com

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