A foundation tied to the University of Maryland on Thursday said it plans to acquire 3.5 acres next to the College Park campus and partner with developers to redevelop the site as a mixed use community anchored by a grocery store.
The $110 million project for a Baltimore Avenue site that now holds a Quality Inn, is a collaboration between The Bozzuto Group, Willard Retail and the University of Maryland, College Park Foundation, which fundraises on behalf of the university.
A spokeswoman for the university declined to say how much the foundation expects to pay for the property. She said the private firms are paying for the cost of the project, which is located in the southern edge of downtown College Park and continues the university's efforts to upgrade the area around the campus.
The project is slated to break ground in 2018 and include 300 "luxury" apartments.
"This is a rare opportunity to develop a project with transformative potential and we are proud of our stake in this extraordinary collaboration," said Toby Bozzuto, president and CEO of Bozzuto, in a statement.