Friday, March 9, 2012

Plans Approved for College Park Office Campus

Corporate Office Properties Trust (COPT) submitted a plan that was approved this month by the Prince George's County Planning Board to build a three office building campus in College Park, MD. According to a Washington Business Journal article, the transit-oriented plan includes 450,000 square feet of office space and a 160,500-square-foot parking garage. COPT is developing the 13.4-acre, state-owned property in partnership with the University of Maryland which sits adjacent to the Kenilworth Avenue development site. The completed complex will total about 750,000 square feet of office space spread across eight buildings.

PG County Board members urged further efforts to limit traffic and discourage commuters from depending on the parking garage, which will not be constructed until the last building is completed in the third and final phase of development. Lawyer Thomas H. Haller, representing the joint development, said additional traffic management efforts are possible, but he noted that they could be beyond COPT's ability to pay for them.

"The burden literally falls on the state and the University of Maryland," he said.

For more news and information visit Blumberg Capital Partners.

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