The Maryland Book Exchange property is under contract to be sold to a developer that hopes to convert the site into a student housing high-rise, the first in that area of College Park.
The Book Exchange would likely be able to remain on the ground floor of the new student apartment building, the developer said, but city officials said it could be temporarily displaced during the construction process.
Ilya Zusin, a local developer who attended this university, is partnering with Josef Mittlemann, a New York developer and a professor at Brown University, to redevelop the site, Zusin said.
Zusin would not discuss specifics of his building plans — citing a confidentiality agreement with the seller of the property — but District 2 City Councilman Bob Catlin said the developers had told the city they planned to build 300 student housing apartment units, which would likely mean 600 to 700 beds.
Zusin said the property’s redevelopment was important for the city and university.
“Given its proximity to campus, it’s a very important development project for both undergrad and graduate students, given the housing crunch,” Zusin said.
The 2.6-acre property at the intersection of Route 1 and College Avenue attracted significant interest after it was listed for $5.75 million in May, Catlin said.
College Park Planning Director Terry Schum attributed the market’s enthusiasm for the site to its convenient downtown location and loose zoning restrictions that will let its new owners move ahead with a larger-scale project on the site.
Schum said Zusin hopes to immediately work on the redevelopment plan upon wrapping up the contract for the property. Groundbreaking could come as soon as next summer, she said. Zusin would not confirm details of his planned timetable.
Zusin is also the president of acquisitions and development for Zusin Development, a Washington-area firm whose website says it has previously developed a few condominium projects in the District and small strip malls in Laurel and northern College Park. He said this project is independent of his company.
District 3 Councilman Mark Cook said he is excited about Zusin’s vision for the site, as it represents a smart growth project that will improve the overall use of the land — much of which is now a sprawling parking lot.
Cook hopes the project can include sustainable and green elements such as car and bicycle sharing stations to minimize the city’s carbon emissions — requests the city council has formally made of other Route 1 student housing developers.
“With its location, I think a large segment [of students] would be happy to live there without a car,” Cook said.
Schum also said she was enthusiastic about the project’s concept.
“It would add housing to the downtown mix, which I think would be very helpful for local businesses,” Schum said.
City officials aren’t entirely sure what impact the project will have on the Book Exchange. Cook said the store has become a part of the community in downtown College Park and hopes the store will remain in downtown.
Book Exchange owner Ted Ankeney, who leases his store’s space, said he has not been involved with the sale of the property. While he said he does not have any specific plans for the future location of his store, he remains confident little will change.
“I seriously doubt that the Book Exchange would have to move,” Ankeney said. “The Book Exchange does want to maintain a presence on the corner.”
Though Zusin would not discuss the details of his plans, he said he would accommodate Ankeney’s interest in staying put.
“The Book Exchange is not going away,” he said.
mccarty at umdbk dot com
