A new $300M mixed-use project is moving forward as part of the Discovery District in College Park.

Terrapin Development Co., in partnership with the University of Maryland, announced Monday it selected Brandywine Realty Trust as the master developer for the Discovery District's next phase.

Brandywine is planning to build a 5-acre development with 550K SF of office space, up to 250 multifamily units and retail. The project, designed by Baltimore-based architecture firm Ayers Saint Gross and Michael Vergason Landscape Architects, is expected to cost at least $300M.

The project is planned at the prominent intersection of Baltimore Avenue and Campus Drive, next to the Hotel at UMD and across from the campus's main entrance.

"This new project within our Discovery District will continue to grow the University of Maryland’s position as an economic driver by bringing in thousands of additional jobs to our community, as well as creating a dynamic, place-based development to serve as a gathering spot for the local community," Terrapin Development Co. President Ken Ulman said in a release.

The project will also sit next to the Purple Line, the 16-mile light rail project that broke ground in 2017 but has faced major construction delays and cost overruns.

The area branded as the Discovery District consists of 150 acres of completed and planned development in between the UMD campus and the College Park Metro station. It includes the 297-room hotel that opened in 2017, a WeWork coworking space that opened in 2019 and a host of office and multifamily projects in various stages of development.

Philadelphia-based Brandywine Realty Trust had a portfolio of 173 owned and managed properties totaling 24.4M SF as of Sept. 30. The D.C. area is one of its core markets, with around 20 existing properties in the region and additional projects planned in the Capitol Riverfront and NoMa neighborhoods.

"The Discovery District will deliver an unmatched convergence of talent, transit, and amplify the visionary spirit that will be the foundation for a world-class innovation ecosystem," Brandywine CEO Jerry Sweeney said in a release. "Once complete, this project will deliver durable value to the university, business and entrepreneurial stakeholders and the region."

College Park also has a host of development moving forward outside of the Discovery District, primarily along the city's main Baltimore Avenue corridor.

Greenhill Cos. has a hearing scheduled Thursday with the Prince George's County Planning Board for a 175-unit mixed-use project at the intersection of Baltimore Avenue and Hartwick Road. A Bozzuto-led team broke ground last year on a 393-unit mixed-use project at 7150 Baltimore Ave. Gilbane broke ground last year on a 296-unit project at 8430 Baltimore Ave. And Greystar is planning a 343-unit project near the Baltimore Avenue-Knox Road intersection.