At tomorrow’s worksession, the Council will discuss the annual economic development report. Highlights of the report include:

  • Since 2005, the City’s main commercial corridor, Route 1, has been transforming from an auto-dominated thoroughfare into a series of walkable nodes inside the Beltway, landing $1 billion in private investment.
  • The economic growth has caused the population growing nearly 30% since 2000 and shows no signs of slowing down as numerous housing developments are set to open in 2015 and beyond.
  • More than any previous year, 2014 represented this decade-long emergence of College Park into an investment magnet, adding more than 1,500 housing units, 93,000 square feet of retail, and 525 hotel rooms by 2017.
  • The Boulevard at 9091 (in north College Park)  became the first project in Prince George’s County to receive funding through the EB-5 foreign investment program, which is a tool used in many other jurisdictions to finance major developments.
  • 20 retailers opened their doors this year with notable additions including two independent coffee shops and a Korean BBQ restaurant.
  • Several major leases have already been signed for 2015 as College Park’s growth is beginning to attract a more diverse set of restaurant and retail offerings than ever before.
  • The City continued to support its locally-owned business community through $55,000 in grant funding that was matched with more than $135,000 in private investment.
  • The City’s attractiveness to investors is highlighted by the presence of a significant economic generator in the University of Maryland and its combined base of 50,000 employees and students. While the initial housing growth centered around meeting student demand near campus, more recent developments are aimed at attracting professionals working at the university or commuting to employment centers in the metro areas of Baltimore and the District of Columbia.
  • The next decade is certain to be just as exciting as the preceding one, with the construction of the Purple Line rail system, establishment of an innovation district on the former East Campus site, potential FBI relocation to Greenbelt, and redevelopment of the City Hall site in Downtown.

Development Activities 2015