Recently we had a great conversation about City’s economic development. The City has made some good progress to grow the City over the years, however, there are still a lot of opportunities. Please see below some of them and how we may overcome the challenges to overcome them.
Housing Market

  • The growth rate of residential units is higher than any of the peer markets in our study
  • 31% increase since 2015 (1,700 units)
  • 2,100 units in the pipeline, including at least 450 affordable units and 120 student housing units

Opportunities:
Continue to grow and diversify housing stock and residential base in College Park

 

Shopping Trends

  • 67% of sales from storefront businesses come from car sales/services, gas stations, and furniture (IKEA) /home improvement stores (Home Depot) which are primarily located in north College Park off the Beltway.
  • These businesses draw patrons from outside the local region, but many of these shoppers may not travel further into College Park and support other local businesses.

Opportunities
Attract visitors to destination retailers to visit other businesses in the City – particularly in Downtown and along Route 1

Limited Homeownership Opportunities
Number of owner-occupied units in College Park has remained relatively flat over the past five years.

  • The number of owner-occupied units increased by only 300 units from 2016 to 2021
  • 7% of single-family properties in College Park appear to be owned by investor owners*
  • A high concentration of investor-owners target students, potentially putting pressure on existing and would-be homeowners

Opportunities

Support adequate homeownership opportunities for current and future residents of College Park.

Significant Future Investments
College Park has attracted significant public and private investment in recent years.

  • Built environment (outside of SF homes) has grown 50%+ in the past ten years
  • Recent and forthcoming projects include:
    • Discovery District
    • The Hotel @ UMD
    • Discovery Point
    • Aviation Landing

Opportunity:
Establish College Park’s identity as a growing economic center in the Region

City Is not fully benefiting from Investment.

Despite this rapid increase in development, College Park has not benefited fiscally to the same degree as peers.

  • Taxable assessed value for College Park has increased by 76% since 2015
  • City revenue from real property taxes has only increased by 52% since 2015
  • Other MD peers have experienced increases in city property tax revenue more aligned with increases in total assessed value

Opportunity
Increase revenues to create a broad set of development programs, commercial resources, and resident services