Forest City Washington and Urban Atlantic have crafted a 2.7 million-square-foot development plan for 41 acres surrounding the New Carrollton Metro Station, nearly five years after they were selected to breathe life into the transportation hub.
The multi-phase program is detailed in a report to the Metro board’s real estate committee, which is scheduled to consider a revised term sheet for the New Carrollton development during its Thursday meeting. The plan, across all 41 acres, calls for 1,370 residential units (1.3 million square feet), 1.1 million square feet of office, 150,000 square feet of retail, and 150,000 square feet of hotel.
Forest City Washington and Urban Atlantic’s 2.7 million-square-foot plan for New Carrollton covers both sides of the Metro tracks, on land owned by Metro and the state of Maryland.
Forest City and Urban Atlantic were selected in the fall of 2010 to redevelop 41 acres at New Carrollton — 25 acres owned by Metro and 16 owned by the state of Maryland. They entered into a memorandum of understanding in April 2011, and a term sheet was approved on Dec. 6, 2012. That term sheet was crafted quickly in an effort to help the joint venture land the relocated Maryland Department of Housing and Community Development headquarters.
But in mid-2013, the state selected a New Carrollton site controlled by Berman Enterprises for a mixed-use project anchored by DHCD and up to 2,400 residential units, 100,000 square feet of retail and a 300-room hotel.
With DHCD out, and no immediate market for additional office development at New Carrollton, Metro has spent the last year and half working with Forest City and Urban Atlantic to rethink its master plan, said Stan Wall, Metro’s director of real estate and station planning.
“The term sheet now reflects the new master plan and vision for the property,” Wall said. “I think we have a better plan now.”
The project will move forward in phases as market conditions allow, with a first phase — on a part of the southern Metro-owned parcel — slated to include 260 residential units in a mid-rise building and 13,000 square feet of retail. Metro will execute individual, 98-year ground leases with the joint venture in advance of each phase, with the ultimate goal of of converting surface parking lots to development sites, building transit ridership and generating revenue for Metro, Prince George’s County, the state and the development team. The term sheet to be considered by Metro includes only the 25 acres owned by the transit agency. The state will enter into a separate agreement with the joint venture for its 16 acres.
New Carrollton is Prince George’s busiest Metro station with roughly 9,000 weekday boardings. Another 300,000 vehicles pass by daily, mainly on the Beltway and Route 50. While Berman develops the DHCD building and Forest City/Urban Atlantic prepare to redevelop the Metro and state parcels, the county is working with local, state and private leaders to activate the site with food trucks, buskers and maybe flower marts or live music.
That initiative was led by Victor Hoskins, but he recently left his post as aide to County Executive Rushern Baker to take over Arlington Economic Development.