Crystal Brown 301-405-4621
Board of Public Works Approves Declaration of Land as Surplus
COLLEGE PARK, Md. - A planned hotel and conference center project at the University of Maryland took an important step forward today. The three-member State of Maryland Board of Public Works (BPW) unanimously approved the declaration of a three-acre parcel of University land as surplus. The vote is a vital step for this project, and a jump start toward the University’s goal of transforming College Park into a top college town.
The hotel and conference center, a $115 million project planned for a parcel of land on the east side of campus opposite Turner Hall, is the cornerstone to the University’s vision to encourage redevelopment of the existing downtown College Park business district, in conjunction with strategic development along the Route 1 corridor.
“The hotel and conference center project is a crucial element in the revitalization of our campus community within Prince George’s County,” said Wallace D. Loh, president of the University of Maryland. “I thank the members of the Board of Public Works for their approval so we can move this important project forward.”
With the help of a nationally-known real estate consultant and the support of local elected officials, the University is working closely with the local community, ensuring a collaborative and inclusive approach.
Developing this project is the key first step in implementing this new vision. As a destination for visitors and in serving the needs of the University community, as well as the residents and business community in College Park and surrounding areas, the project has the potential to catalyze development in College Park and to build momentum for additional development.
The University of Maryland hotel project is expected to generate significant economic impact:
- The overall economic impact of the project including both construction and stable operations phases will create 1,637 jobs, increase overall economic activity by over $62 million per year, and result in over $4.4 million in state and local tax revenues annually.
- The combined direct impacts include 1,010 new jobs (653 construction, 357 permanent).
- The project will generate an estimated total of $6,383,736 in new state and local tax revenues over the construction period (2014 – 2016), and an additional $4,410,775 annually once stable operations commence.
- The project will generate approximately $22 million per year in total wages, $36 million in value added and $63 million in new economic activity annually during both the construction and stable operations phases.
Following a Request for Expressions of Interest (RFEI) process, the University selected Southern Management Corporation (SMC) as its development partner for the hotel and conference center project. Recognized as one of the region’s top places to work, SMC is known for an exemplary training and promotion program for its workers, as well as a wage and benefit structure significantly better than state requirements.
Following today’s BPW vote, the University and the UMD College Park Foundation will work with SMC to finalize a development agreement.
Groundbreaking is expected in Spring 2015 with an anticipated opening by Fall 2017.