A development team led by Ronald D. Paul Cos plans to develop a new 370-unit housing and retail community for 4301 River Rd in College Park. The company, led by Eagle Bank CEO Ron Paul, has signed a LOI to lease and develop the property.

The project will include a five-story residential building above a garage, 5k SF of retail and 395 parking spaces. It will be designed with an eye toward professionals and recent grads and will be located next to the College Park Metro station and the proposed Purple Line station. This is the latest of several potential projects for the university’s growing research park area. This past July, the WMATA released an RFP for a six-acre parcel outside the Metro station while Prince George’s County put a bid out for a 2.6-acre surface parking lot across Paint Branch Parkway.

Paul is a 1979 graduate of Maryland and serves on the board of the university’s business school. The project is in the early stages with no announced timeframe, but Paul told Washington Business Journal he will fund it with his own equity. [WBJ]