Construction is moving ahead on the University Town Center, a 3.1-million-square-foot mixed-use development in Hyattsville, Md. The 227,000-square-foot retail portion of the center is almost completely leased, according to Tim R. Taylor, vice president of leasing for the development, and is set to open in late summer of this year. The project, an expansion of an existing 1.4-million-square-foot office complex, will be the first major retail destination in Prince George's County, Taylor notes.
“We have 5,000 people in the existing office space and our student tower [opened in August of 2006] has added more than 900 people,” he says. “Meanwhile, there is very little retail around here and very few restaurants, so the demand for this project has been tremendous.”
Among the retailers who have recently signed up as tenants are Old Dominion Brewery, Wild Onions and Wireless Toys. A 56,180-square-foot lifestyle Safeway and a 14-screen Consolidated Movie Theater will serve as anchors for the property.
The $500 million first phase of the University Town Center will also contain more than 130 residential condominiums and a 200,000-square-foot office building. Phase 2 will contain 230,000 square feet of retail, office space, residential units and a hotel.