The University of Maryland revealed the latest phase of the ongoing transformation of Greater College Park, which will focus on new office, retail, research and housing space by the campus’ main gateway.
The Terrapin Development Company, which is a partnership between the university and the nonprofit University of Maryland College Park Foundation, is teaming up with Brandywine Realty Trust for a $300 million development project at Campus Drive and Baltimore Avenue.
The project will span some 5 acres at The Hotel at the University of Maryland and Paint Branch Stream Valley Park.
The project’s first phase, which is set to be completed in 2024, will create 550,000 square feet of research office and space just north of The Hotel.
Further development will include even more retail and office space, along with up to 250 multifamily residential units and a parking garage to the east of The Hotel.
In a statement on the university website that’s included in the announcement, university President Darryll Pines said it will “further enhance our dynamic campus community.”
“Together, we will grow our ecosystem for innovation and technology to create a lasting impact for the university’s students, faculty, staff and neighbors,” Pines said.
The latest development is part of an ongoing effort to revitalize Greater College Park.
Terrapin Development Company is already working with Greystar Real Estate Partners to build apartments for hundreds of students, along with more than 20,000 square feet of ground-floor retail at Knox Road and Sterling Place.
A new city hall and public plaza are also going up at Knox Road and Baltimore Avenue, along with university offices and additional retail space set to open this fall.
A separate project at the sites of former Quality Inn and Plato’s Diner involves 400 housing units and 62,000 square feet of even more retail space that will be ready by spring 2022.