The purchase will allow the university to package relocation projects in cycles by renovating certain production plant spaces, then moving its services. Essentially, the university will be able to develop smaller parcels with the larger East Campus site, with the plant serving as backup space.
"The East Campus Redevelopment initiative remains at the forefront of our efforts to build a world-class research institution for the residents of Maryland," says Ann G. Wylie, vice president for administrative affairs in a prepared statement. "When complete, the development will bring a new urban character to College Park by creating a vibrant district of retail, residential, office, hotel and entertainment uses that also will serve to stimulate downtown revitalization."
The University of Maryland's East Campus is comprised of approximately 38 acres bounded by Route 1 to the west, Paint Branch Parkway to the north and the City of College Park to the south. Plans for the site include construction of more than two million square feet of graduate housing, market rate housing, office space, hotel and retail amenities.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
