COLLEGE PARK – Development is coming to College Park in a big way, with the blessing of county and state authorities. Several new businesses are in the process of locating to College Park, including a new grocery store and the first brick-and-mortar Amazon store in the region. And officials hope to attract even more by […]
COLLEGE PARK – Development is coming to College Park in a big way, with the blessing of county and state authorities.
Several new businesses are in the process of locating to College Park, including a new grocery store and the first brick-and-mortar Amazon store in the region. And officials hope to attract even more by designating a large swath of College Park and the adjacent Riverdale Park a RISE Zone (Regional Institution Strategic Enterprise Zone).
Announced on Jan. 5, the new RISE Zone encompasses 470 acres, including the M Square Research Park near the Metro station, the University of Maryland’s Innovation District (where the new hotel will be opening in July), and two sections of Baltimore Avenue from Fordham Lane to MD 193.
“The University of Maryland, College Park is a world-renowned research institution and a major economic driver for the state,” said Maryland Gov. Larry Hogan. “The RISE Zone designation will support the university’s spirit of innovation and entrepreneurship and help companies grow and thrive in and around the campus.”
New businesses in the zone, except retail, grocery and motel/hotel enterprises, will be eligible for a 50 percent credit on their real property tax for one year and then a 10 percent credit for the next four. Businesses in targeted industries like engineering, earth science, robotics, virtual reality and more will be eligible for a county property tax credit of 75 percent for five years. If businesses in those target industries locate in the innovation district or Research Park, that 75 percent credit for five years will also be granted by the town of Riverdale Park and the City of College Park.
Existing businesses in the zone that make a capital investment of $5 million or more and create at least 50 new jobs will be eligible for the credits as well.
University of Maryland President Wallace Loh said the RISE Zone represents a partnership between the university and the state, city and county where it is located.
“RISE demonstrates the power of partnership to elevate economic development. In Greater College Park and Prince George’s County, it is another important tool we are using to attract investment and develop our community, with clear benefits for the whole state,” he said.
Several high-profile project are already in the works in the RISE Zone, including two multifamily residential projects near the Metro station; a 75,000-square foot office building and a 111,000-square foot flex space opportunity, and the Hotel at UMD, with 297 rooms and a 43,000-square foot conference center as well as spaces for start-up companies and academic researchers.
A new Amazon brick-and-mortar store is expected in College Park as well. A company spokeswoman confirmed that the online retailer is planning to open a pickup location in February, near the college campus, where students and others can have their Amazon purchases delivered. The 3,000-square foot store will be located in the Terrapin Row student housing complex.
Also moving forward are plans for a Lidl grocery store on the east side of Baltimore Avenue at the intersection with Berwyn Road. The German grocer is expanding into the U.S. market with several stores in the area. The Prince George’s County Planning Board approved the 36,185-square foot food and beverage store, and the District Council took no action on the proposal.