Media Contact:
Connie Hayes
Marketing Manager
240 499 9600
chayes@foulgerpratt.com
March 21 , 2007
Foulger-Pratt Wins Major Redevelopment Project at the University of Maryland
The team of Foulger-Pratt Companies and Argo Investment Company is pleased to announce it has been selected as the development partner by the University of Maryland for the East Campus Redevelopment Initiative. The creation of a vibrant, mixed-use center on the East Campus will support the University’s goal of becoming a top-10 public research university. “We are excited by the opportunity of working with the University of Maryland on a project that will redefine the East Campus, Route 1, and surrounding areas, and position the University to achieve its long-term objectives. The positive economic impact to the area will stimulate other improvements and growth, which is an additional benefit for everyone involved,” said Bryant Foulger, Principal of Foulger-Pratt.
The team envisions a lively, mixed-use center, with a strong emphasis on street-facing retail, pedestrian and bicycle connections, public gathering space, vertical integration of residences, and hotel and office space. “Our first goal is to engage all stakeholders in envisioning a place that will meet the diverse needs of the College Park and University of Maryland communities,” said Richard Perlmutter, Principal of Argo Investment Company.
The University of Maryland selected the team of Foulger-Pratt and Argo following a competitive, three-step procurement process. The development team was selected because of successful redevelopment experience in the Washington metropolitan area, reputation for superior performance, and expertise in successfully navigating the myriad of challenges in a project of this scope. The team also includes Zimmer Gunsul Fasca Partnerhsip, StreetSense, VIKA, Walker Parking Consultants, and The Traffic Group. “We are very pleased that we were able to attract a high caliber development team such as FP-Argo to partner with the university on this project. FP-Argo has extensive experience with mixed-use development projects, including local success stories such as Downtown Silver Spring. We hope to have a similar success story right here in College Park,” said J. Frank Brewer, Maryland interim vice president for administrative affairs.