Why Terrapin Row Is An Edge Campus Exemplar
The University of Maryland had no edge campus strategy 15 years ago, assistant real estate VP Ed Maginnis told Bisnow’s Annual Student Housing summit. But things have changed, and UMD has gone from passive to “directly intervening in the marketplace,” acquiring and developing real estate on its own as well as with private partners. Ed noted UMD is in the midst of a program to transform College Park “into a true college town with a college town feel.” Terrapin Row, a mixed-use student housing development a short stroll from campus, is playing a significant part in bringing this vision to life.
The panel, and the Terrapin Row team: Ares Management's Daniel Carr; Toll Brothers Campus Living's Richard Keyser; UMD's Ed Maginnis; WDG Architects’ Bob Keane; and Gibbs & Haller partner Thomas Haller, the moderator. Terrapin Row has 1,493 beds in four buildings, including flats and townhouses. The townhomes are fetching a price premium while giving the project an “urban feel,” Richard told the panel. The buildings, with retail at the base, are positioned along mews and around a village green. Terrapin Row’s centerpiece is its Spanish Steps-inspired staircase—not just a way to get from A to B, noted Bob. “It’s a place to hang out, see and be seen."
Terrapin Row is the first student housing deal for Ares, and Daniel said his team was attracted to the development’s proximity to the university—a seven-minute walk to campus center. "There’s less surety in rental rates and leasing velocity" of projects farther away versus ones close to campus, "where a student can feel like they’re in the middle of campus life,” he told the panel. Terrapin Row is a “substantial upgrade” from what existed before, Ed pointed out. “It accomplishes the upscaling of College Park in a really nice, elegant way."