Discovery Point, a new mixed-use development located next to The Hotel at the University of Maryland, is expected to break ground at the end of this year and be completed in 2025 or 2026, according to Ken Ulman, president of the Terrapin Development Company.
The development will bring retail, office space and housing opportunities. It will replace the parking lot next to The Hotel.
“[This will help] solidify that quadrant for overseeing great economic opportunities to the county, to the City of College Park [and] great choices to the university population,” David Iannucci, the president and CEO of Prince George’s County Economic Development Corporation, said.
The Prince George’s Planning Board approved the preliminary plan for the development during a meeting in February, Ulman said. TDC and Brandywine Realty Trust are working on permits, plan approvals and the leasing strategy for tenants in the available office and retail space.
Although TDC and Brandywine don’t know how many tenants or what the businesses will be in Discovery Point, it wants to provide more opportunities for students, faculty and staff, Ulman said. Office spaces could be for University of Maryland startups or companies that will hire students for internships or provide jobs for them once they graduate.
Not only does Ulman want to include businesses that will hire students, but he also wants to provide opportunities for faculty and staff involved in research.
“We want lots of people to be working in College Park,” Ulman said. “We also want them to live here and shop here. So bringing more companies provides more vitality, more vibrancy and more opportunities for our students and the surrounding communities.”
Brandywine is responsible for paying for the development and leasing the space to private companies, Ulman said. TDC and this university own the land and will help Brandywine lease the buildings by working with companies that want to be close to this university.
District 3 council member Stuart Adams said he would like businesses to celebrate this university and city community. He is also looking for developers to make effort for office spaces for co-ops or internships from this university.
“This is a team that understands College Park and understands the vision of the city,” Adams said. “[I’m] just really appreciative to see folks like that come back and invest in our community.”
In addition to the office and retail spaces, Brandywine and TDC planned to include 285 multi-family units, according to a City of College Park meeting in January. The Purple Line light rail is also expected to pass through Discovery Point.
“We want there to be lots of people at lots of different ages and lots of different backgrounds to be a part of this diverse, vibrant community that we’re building and we’re working to enhance every day,” Ulman said.