Negotiations Underway for East Campus Redevelopment, UM News, University of Maryland

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Negotiations Underway for East Campus Redevelopment

Foulger-Pratt / Argo Investment is Development Partner


The East Campus Redevelopment Initiative - University of Maryland (Click on artist's drawing for larger picture.)

The University of Maryland and FP-Argo of Rockville, Maryland (a joint venture of the Foulger-Pratt Companies and Argo Investment Company) announced today that they will commence discussions immediately toward the goal of redeveloping the East Campus site; a 38-acre university owned property (see photo below) located immediately opposite the campus on the east side of Baltimore Ave. (US Route 1) in College Park.

FP-Argo was selected as the prospective developer for the site through a competitive Request for Proposal (RFP) process which commenced in September, 2006 and attracted proposals from interested developers from around the nation. "We are very pleased that we were able to attract a high caliber development team such as FP-Argo to partner with the university on this project," said J. Frank Brewer, Maryland interim vice president for administrative affairs. "FP-Argo has extensive experience with mixed-use development projects, including local success stories such as Downtown Silver Spring. We hope to have a similar success story right here in College Park."

Key aspects of the project include relocation of the university's existing administrative facilities on the site, followed by construction of over 2- million square feet of graduate housing, market rate housing, office space and retail amenities. "Nothing is cast in concrete at this point," said Brewer, "We intend to work with the FP-Argo, the campus community and the local communities to create the redevelopment plans for this site."

The university anticipates that negotiations will lead to a firm agreement with the developer and a long-term ground lease of the site within six months. The agreement and the ground lease will be subject to the final approval of the University System of Maryland, Board of Regents and the State of Maryland, Board of Public Works.

"We are excited about this opportunity to work with the University to redevelop the East Campus property," said Bryant Foulger, principal with FP-Argo, "We look forward to engaging in discussions with the campus community and local residents to learn more about their expectations for this project."

East Campus Redevelopment Site - Courtesy Google Earth
(Click on photo for larger picture.)

East Campus Redevelopment Home Page
Foulger-Pratt Home Page
Argo Investment Company