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Aiming to attract high-tech businesses, the University of Maryland is teaming up with St. John Properties to develop three buildings on university-owned land in Riverdale Park.
The development would include two flex buildings totaling 111k SF, as well as a 50k SF building to be leased to the College Park Academy charter school, the Washington Business Journal Reports.
With the flex buildings, the university hopes to bring in tech startups spawned from university alumni, who it has struggled to keep in the area. The proposal was submitted to the University System of Maryland's Board of Regents finance committee, which was expected to consider the proposal at their meeting yesterday.
As part of the JV between the university and the Baltimore-based company, founded by UMD alumnus Edward St. John, the school will give the land and the developer will fund, build and operate the projects. The cash flow would be split 50/50 between the two parties.
Edward donated $10M to the university in 2011 to create the Edward St. John Learning and Teaching Center, the first new academic building on UMD’s McKeldin Mall in 50 years, expected to be completed in December. [WBJ]
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