At the March 18, 2025 City Council meeting, the Economic Development Department will present the Annual Economic Development Report, detailing the city’s economic trends, business activity, and key challenges over the past year. The report, presented by Economic Development Director Michael Williams, highlights business growth, real estate developments, retail expansion, and economic challenges faced by College Park.

A Surge in Business Growth and Commercial Investments

The past year has been notable for significant business expansion, particularly in service and retail sectors. College Park successfully attracted several new businesses, strengthening the local economy. Some of the notable additions include:

  • AllCare Primary
  • Joint Chiropractic
  • Raising Cane’s Chicken Fingers
  • Honey Pig Korean BBQ
  • The Greene Turtle
  • Jerk at Nite
  • Taqueria Habanero
  • YiFang Bubble Tea (set to open at the former MilkBoy Art House location)​.

These businesses contribute to the vibrancy of the city’s commercial landscape, providing jobs and expanding retail and dining options for residents and visitors.

Real Estate and Commercial Property Trends

The commercial property market in College Park has been highly active. Two major sales dominated the year:

  • Stone Straw Industrial Site: A major property transaction indicating sustained investor confidence in the city’s commercial and industrial sectors.
  • Moose Lodge Property Sale: This $5.4 million transaction resulted in the acquisition of a 12-acre parcel by Iglesia De Dios Pentecostés Church, marking a shift in the area’s land use​.

These transactions reflect the city’s evolving economic landscape, with increased interest in both commercial and institutional investments.

The Economic Impact of College Park’s Tourism and Hospitality Sector

The hospitality industry and major events played a crucial role in driving economic activity. According to the report, College Park welcomed nearly 3 million visitors in the past year, largely due to Big Ten Athletic events, conferences, and tourism attractions. This influx of visitors has boosted hotel occupancy rates, restaurant revenues, and retail spending​.

Additionally, the city is preparing to host the Maryland Tourism Conference in November 2025, which is expected to further strengthen local businesses and reinforce College Park’s position as a destination city​.

Challenges: Affordable Housing and Federal Job Layoffs

Despite strong economic performance, College Park faces several challenges, including:

  1. Affordable Housing Shortages:

    • The city currently has 315 units designated for income-limited residents.
    • Demand for student housing has declined, leading to increased vacancies in private student apartment complexes.
    • Cost per bed remains high, limiting affordability for local university students and young professionals​.

  2. Impact of Federal Layoffs:

    • With 1,116 full-time federal employees residing in College Park, recent layoffs in the federal workforce are expected to impact consumer spending, home sales, and the local economy.
    • Prince George’s County as a whole has 65,064 full-time federal employees, and Maryland has over 302,663 federal workers, making the region particularly sensitive to job losses in government sectors​.

  3. Traffic and Infrastructure Delays:

    • Metro’s Purple Line construction and Maryland State Highway projects have significantly impacted businesses by limiting parking and increasing congestion.
    • Once completed, these infrastructure projects are expected to improve connectivity and drive long-term economic benefits, but current disruptions pose a challenge for retailers and service providers​.

District-Specific Economic Highlights

  • District 1: The city secured a $300,000 Project Restore 2.0 grant from the Maryland Department of Housing and Community Development (DHCD) to address commercial vacancies at the Hollywood Shopping Center. This funding has already helped Concentra Urgent Care and Capitol Kettlecorn and Popcorn open their businesses​.

  • District 2: The $200 million redevelopment of the Campus Village Shopping Center into a student housing complex will provide new retail spaces and community facilities, including a Lakeland Community Center. Additionally, The Flats at College Park, a 315-unit affordable apartment project, has received state tax credits​.

  • District 3: This area continues to be the economic hub of College Park, seeing high foot traffic and retail expansion. 14,300 square feet of retail space will be renovated using Project Restore 2.0 funds, supporting small businesses and job creation​.

  • District 4: Home sales in this primarily residential area remain strong, and redevelopment efforts are ongoing for the 12-acre Moose Lodge site, transitioning it to community-focused use​.

Future Outlook

Looking ahead, the College Park Economic Development Department is focusing on:

  • Expanding commercial diversity by attracting more technology, healthcare, and retail businesses.
  • Addressing housing affordability by exploring new development incentives.
  • Supporting businesses during the Purple Line construction to mitigate the impact of infrastructure projects.
  • Enhancing visitor experiences through city-sponsored events and tourism initiatives.

The city remains committed to strategic growth and economic resilience, ensuring that College Park continues to thrive despite ongoing challenges.

Stay informed and engaged as College Park moves forward with its ambitious economic plans!