For Immediate Release
November 13, 2009
Contacts: Millree Williams, 301 405 4621 or email@example.com
The University of Maryland East Campus Redevelopment Project Implementation
COLLEGE PARK, Md. - The University of Maryland and the development team of Foulger Pratt/Argo Investment (FP-Argo) this week announced that they have halted exclusive negotiations for the comprehensive redevelopment of the University's East Campus District. Despite best efforts, the current economic downturn and difficult financial and real estate markets preclude an East Campus development on the schedule and scale the parties envisioned.
The University selected FP-Argo in March 2007 as the prospective developer of East Campus after a national search for a planning and development team to take on this most important initiative. FP-Argo subsequently completed extensive predevelopment activities resulting in campus and community support for a framework development plan and a draft set of design guidelines that will shape and inspire the future redevelopment. Although constrained by unique market conditions, FP-Argo accomplished much in the predevelopment phase that will be central to the future success of this major initiative. With this in mind, preliminary discussions are underway regarding future collaboration as the University defines its strategies for moving forward.
At the same time, the University remains committed to moving forward with an early start and today announced the launch of a multi-phased approach to project implementation, including a first phase that incorporates:
"The East Campus Redevelopment initiative remains at the forefront of our efforts to build a world-class research institution for the residents of Maryland," said Ann G. Wylie, University of Maryland Vice President for Administrative Affairs. "We are confident that a multi-phased development approach that recognizes and responds to current fiscal conditions will lead to a timely and successful development of this vitally important project, consistent with the 'Principles of East Campus' approved by the Community Review Steering Committee in February 2008. When complete, the development will bring a new urban character to College Park by creating a vibrant district of retail, residential, office, hotel and entertainment uses that also will serve to stimulate downtown revitalization."
The University is dedicated to successful completion of the first phase of its implementation plan within the next three years, positioning East Campus for sustained growth as the market recovers in the years ahead. "The University pledges its commitment to continued community engagement as the program and timing of this important project moves forward," said Wylie.
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