Financial terms of the land acquisition have not been disclosed. However, according to NAI KLNB Inc.'s Market Information report, land in Suburban Maryland zoned for office/industrial development goes for an average $ 130,680 to $435,600 per acre; while parcels zoned for retail/commercial development command an average $653,400 to $871,200 per acre.

Woodmore will sit on a desirable spot boasting 1,000 feet of frontage on the Capital Beltway, or I-495. Scheduled to get under way in the spring of 2006, the development will ultimately feature office, retail and residential elements, as well as a hotel. Specific details regarding square footage, a Petrie Ventures spokesperson tells GlobeSt.com, are not yet available as the project is still in the beginning stages.

Although the particulars are not yet in place, plans for Woodmore are being well received by local officials. Jack B. Johnson, Prince George's County executive, points to its location as being a key spot for development.