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HYATTSVILLE, MD-Nearly half of the 242,000-sf retail segment that is currently being developed at University Town Center has been claimed by Loews Cineplex and Safeway grocery store. Together, the two retailers will take up 123,000 sf at the 1.2 million-sf office compound that is currently being redeveloped into a massive mixed-use property. The expanded 56-acre UTC, which is under development by University Town Center and Roadside Development, will also feature a residential element consisting of 700 condos and 910 student housing units, and an additional 1.5 million sf of class A office space.

"UTC is a prime example of where development, specifically retail development is moving toward in 'Prince George's County," says Kwasi Holman, president Prince George's County Economic Development. "There is tremendous buying power in the County and the new Loew's Cineplex plus Safeway provide a strong anchor for this project to attract much need retail to this market."

Loews Cineplex has leased 66,000 sf of space at UTC main street-style retail segment to house a 14-screen theater, while Safeway committed to a 57,000-sf space for a new store across from the complex's residential section. "Safeway will be a strong anchor for University Town Center," says Chris Hanessian, COO of developer UTC. Financial terms of the agreements have not been disclosed. Jim Farrell and Richard Lake of Madison Retail Group are in charge of leasing at UTC; however, both were unavailable for comment on leasing rates at the property. The retail portion of the complex will reach completion in 2006.