Bozzuto, Partners Begin Work on Maryland Community
- Apr 13, 2020
Efforts to transform downtown College Park, Md., into an upscale college town have taken a step forward with Bozzuto Development and its partners launching construction on a mixed-use apartment and retail property in the city northeast of Washington, D.C.
The redevelopment project will bring 393 apartment units along with 61,000 square feet of retail space to the neighborhood just south of the University of Maryland, College Park campus. The site is located within an Opportunity Zone at 7150 Baltimore Ave., where Baltimore Avenue meets Calvert Street.
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Bozzuto is working with Terrapin Development Co., Willard Retail and investors advised by J.P. Morgan Asset Management on the development, with Bank of America and PNC Bank providing a construction loan and Prince George’s County and the City of College Park offering financial assistance. Completion of the project is expected in spring 2022.
Terrapin Development is a joint venture created by the University of Maryland, College Park, and the University of Maryland College Park Foundation. Bozzuto Management Co. will serve as the multifamily property manager. Design Collective and Streetsense are the project’s architect and interior designer, respectively.
The development team assembled a number of parcels and extended Culvert Street in order to create a pair of blocks linked by an amenity bridge over a pedestrian-oriented retail street. The College Park Metro, which currently serves the Green and Yellow Lines and will later offer Purple Line service, is located half a mile to the east of the development with a direct connection via Calvert Street.
A spokesperson for Bozzuto confirmed to Multi-Housing News that while students are expected to live in the new rental property, the development will cater to a variety of working professionals and University employees as well as students in the area.
The new community will feature an art-decorated lobby, grand staircase, amenity bridge and pool courtyard along with social and wellness spaces. The retail streetscape will be anchored by grocery and fitness tenants and the property will also come with 650 parking spaces. College Park Shopping Center will also be a partner in the project.
The property is intended to anchor a new downtown district as part of the University of Maryland’s Greater College Park initiative, a partnership between the public research university, private developers and the city, county and state governments to revitalize the area. The program includes the 150-acre Discovery District, which encompasses new retail amenities, restaurants, academic buildings and The Hotel at the University of Maryland, which opened in 2017.