(For more retail coverage, click GlobeSt.com/RETAIL.)
HYATTSVILLE, MD-Development of two components of the retail portion of the University Town Center redevelopment project has moved forward. Construction has gotten under way on the 65,300-sf Consolidated Movie Theater and a 56,200-sf Safeway.
The 14-screen movie megaplex and the grocery store will serve as anchors of the street-oriented retail and restaurant segment of the 56-acre redevelopment project. University Town Center Inc. is the owner of the UTC project, and Roadside Development is overseeing development of the retail portion.
Currently under expansion as a revitalization effort in Prince George's County, University Town Center began 50 years ago. Before the current expansion endeavor got under way, it was an office park with four towers containing 1.4 million sf of class A space.
When the expansion is complete the new University Town Center will have an additional 1.6 million sf of office space, as many as 2,000 residential units, more than 900 student housing units, hotel space as well as 350,000 sf of retail space, discounting Safeway and Consolidated. The first phase is already under construction, with the $40-million, 910-bed Towers at University Town Center student housing building having already topped out last summer.
"We are building a true mixed-use transit oriented town center which exemplifies all of goals of smart growth development by bringing together in a first class office complex retail, residential and hotel components," says UTC Inc. president Herschel Blumberg. "University Town Center will be an urban development in a suburban setting and the common thread joining these elements is the new retail anchored by Safeway and Consolidated Theaters."
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