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Southern Management Corp.'s $150M Hotel at UMD has set an opening date for July, and it is now anchoring a 150-acre district College Park hopes will attract research-oriented companies.
The area, branded as the "Discovery District," is part of a $2B investment between the University of Maryland and the city to revitalize the area between Baltimore Avenue (also known as Route 1) and the Metro station.
The district includes the research park formerly known as M Square, where federal government agencies, including NOAA, the USDA and the FDA all have offices. Also within the district, Corporate Office Properties Trust is building a 75k SF office building aimed at attracting research and tech-oriented companies. Ken Ulman, who is spearheading College Park's revitalization efforts, told Bisnow last summer he is working on signing the city's first co-working space.
As part of its efforts to attract more businesses, Maryland earlier this month designated College Park a RISE zone, allowing commercial and industrial businesses to receive special tax credits.
Multiple residential projects will also deliver with the area in the next couple of years, such as Gilbane's 400-unit Metro-adjacent project and Ronald D. Paul Cos.' 370-unit residential and retail community. The Discovery District sits adjacent to Riverdale Park Station, a massive Whole Foods-anchored project expected to deliver this year.
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