New Carrollton
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WMATA selected a JV between Forest City and Urban Atlantic to redevelop the area around New Carrolton Metro Station in fall 2010, and after the Joint Development Agreement was signed in September last year, the proposed 2.7M SF project continues to make steady progress.
Forest City and Urban Atlantic’s current proposal calls for first developing 260k SF of residential in mid-rise buildings with 13k SF of retail, then, market conditions permitting, proceeding parcel by parcel. The project will eventually reach 1.3M SF of residential, 1.1M SF of office space, 150k SF of retail, and 150k SF of hotel.
The project remains on track amid a new analysis from the Maryland Department of Transportation that pegs true cost of building the Purple Line linking Bethesda with New Carrollton at $650M more than the proposed contract would cover. Last year, Maryland Gov. Larry Hogan almost abandoned the project until local leaders came through with funds needed to save it, if in somewhat stripped down form.
MGM National Harbor Resort
The expected date of completion for MGM's enormous National Harbor casino was postponed from July, and remains on track for an end-of-the-year opening. They'll need it to benefit from a potential boom in customers for the inauguration.
Originally slated to cost $800M when work began in May 2014, the project now stands at a titanic $1.3B. An additional 600 slot machines and 1,800 theater seats have been added to the original plan for 3,000 and 1,200, respectively, bringing the total to 3,600 slots and 3,000 seats.
The 1M SF project will also include a 5,000-space parking garage, a 24-story, 308-room hotel, six specialty restaurants, 18k SF of retail, 27k SF of meeting and convention space, a spa, and a 125k SF casino floor. The casino footprint will be a sprawling 23 acres.
The Hotel at the University of Maryland
The Hotel at the University of Maryland, directly across Route 1 from UMD’s main entrance, is the largest development to arrive in College Park in recent memory. Developed by Southern Management, the project will include a $150M, 300-room, luxury 4-Star facility—with 43k SF of conference center space, a Kapnos Taverna and an Elizabeth Arden Red Door—when it reaches completion in January.
Across all phases of development, the project will create 1,637 jobs, increase overall economic activity by over $62M per year, and result in over $4.4M in state and local tax revenues annually.
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