The Washington Metropolitan Area Transit Authority (Metro) has inked an agreement with US-based Gilbane Development Company to develop a mixed-use residential and retail scheme at College Park Station in Maryland, US.
The agreement allows the developer to finalise plans with Prince George’s County and build the proposed project.
The development will include 440 multifamily units and amenities located next to the entrance of the station on Metro’s Green Line.
Apart from the residential and retail component, the proposal includes a one-acre intermodal village green featuring landscaping improvements and bicycle facilities.
The scope of the project will also include the removal of an existing 530-space Park & Ride surface lot. In 2005, a 1,290-space Park & Ride garage has been built by the State of Maryland and Prince George's County to replace and expand parking spaces at the station, in anticipation of the latest project.
The latest development forms part of the University of Maryland’s Discovery District, a hub of academic, research and economic development surrounding the College Park Station.
The Discovery District is a key piece of the Greater College Park initiative, a $2bn public-private investment in the transformation of the Baltimore Avenue corridor.
Gilbane Development Company president Ed Broderick said: “We are thrilled to collaborate with Metro, Prince George’s County, City of College Park and University of Maryland to further enhance growth in the Greater College Park Community.
“We are eager to deliver an exciting project that will provide future residents with unique and desirable amenities steps away from the College Park Metro Station.”
Metro managing director, office of real estate and parking Nina Albert said: “Maximizing transit-oriented development around Metro stations brings more residences and jobs within walking distance of our stations, which increases ridership and revenue for Metro without increasing costs.
“We continue to work with our jurisdictional partners throughout Maryland, Virginia and DC to look for opportunities for future development around our stations.”