SIX-DECK GARAGE UNDERWAY

Hyattsville, Maryland, July 1, 2003…A six-deck parking garage with room for 1,455 cars is under construction at University Town Center (UTC) in Hyattsville, Maryland, just outside Washington, D.C. The garage, being built by Finfrock Design, Inc., will serve University Town Center’s four existing office buildings totaling 1.4 million square feet of space.

At the same time, UTC has contracted with the Washington, D.C. real estate firm Roadside Development to plan 300,000 square feet of retail space within the University Town Center project. Along with two apartment towers designed to house nearly 1,000 college students, the retail space is expected to break ground early next year and deliver in mid-2005.

UTC’s retail space, which will be designed with “main street” appeal, is likely to include a movie theater, a consumer electronics store, a home fashions and accessories store, apparel shops, a health club, and a full array of quality sit-down restaurants. Roadside Development is known for its successful mixed-use redevelopments of the former Tenleytown Sears department store and O Street Marketplace in Washington, D.C. Madison Retail Group, which is associated with Roadside Development, is leasing the retail space on behalf of UTC. The group is currently in active negotiations for 115,000 square feet of retail space.

UTC is finalizing and submitting an updated site plan based on the latest development plans for a 26-acre portion of the 48-acre UTC site. The planned new buildings will incorporate large parking lots that now surround UTC’s four existing office buildings. A pedestrian-focused road, The Boulevard, will run north-south between the existing buildings parallel to Belcrest Road. Flanking The Boulevard along East-West Highway will be “big-box” retail space. In the area between the four office buildings, the developers plan to construct the two student housing towers, a movie theater, and additional retail space. The focal point of the development will be a landscaped pedestrian plaza with a fountain, open-air seating, and performance areas.

The remaining 22-acre portion of the UTC site, located north of Toledo Road, remains available for future mixed-use development, including build-to-suit opportunities for office, retail, and high-rise residential units.