Rabu, 13 Juni 2012

Contee Co. Redevelops 25 Acres around Prince George's Plaza Metro

As part of the development around the Price George's Plaza Metro station, the Contee Company, LLP, is redeveloping 25 of the its 35 acres, along with Old Town Construction and the Lessard Design. Those 35 acres were originally developed in the early ‘60s. The developer now intends to build several thousand housing units and an office building. Currently, it is working on a building dubbed "Building 6," which will replace 5 recently demolished buildings.

Jared Spahn, a Managing Member of Old Town Construction, said since the area is a living community, Contee is rebuilding the parcels one at a time and demolished the five buildings in February. Spahn said he expects a grading permit for Building 6 "in a week or two."

Building 6 will be a 4-story, 283-unit, 360,000 s.f. garden-style podium building with an underground parking garage, replacing the 105 units demolished.

"It’ll have all the great bells and whistles to compete with all the great projects,” Spahn said.  The bells and whistles apparently include fitness rooms, a business center and meditation gardens to presumably spend time in after spending a long day in the business center. Spahn said it needed to be “extremely high-end to compete with the other great projects that have been invested in around that Metro station.”

Spahn said construction should begin within the next two weeks, as soon as he receives the grading permits.

The  new building will be competing with other “luxury” complexes in the area, but Spahn thinks customer service will set it apart, commenting that having a local owner is what tips it over the edge.

“What I think sets our building apart a little bit from the others is because compared to Post Park and Equity Residential, we are renting from friends and family instead of a multinational corporation. What it allows us to do, we’re not driven by stock prices or market movements because we are long-term investors, it’s going to allow us to provide, we think, a better priced product for our customers than those that have to answer to Wall Street.”

The entire area previously had 555 garden-style apartments in 20 buildings on the site. Through redevelopment, Spahn expects 2,400 to 2,500 units and 350,000 s.f. of office space in the next ten to fifteen years.

Hyattsville, MD real estate development news

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