Beltway Plaza Mall is one step closer to redevelopment.
Beltway Plaza Mall is one step closer to redevelopment.
Greenbelt City Council voted to conditionally support a conceptual redevelopment proposal for Beltway Plaza Mall. The action took place at its Feb. 11, 2019, meeting. While the mall’s owners, Bethesda-based Quantum Cos. hailed the move, there’s still a chance Greenbelt could end up opposing the conceptual site plan if city officials and the mall’s owners fail to agree on conditions set down during the meeting.
A majority of Greenbelt City Council still appears broadly supportive of conceptual proposals to redevelop Beltway Plaza.
Hundreds of renters in Riverdale Park have a new owner as multiple apartment complexes trade hands in a single transaction. A bit further north, a court auction results in the sale of industrial land near Greenbelt Station. For different reasons, they are two notable commercial real estate transactions to enter the record from the past quarter in Prince George’s County’s Route 1 communities. River Crossing Apartments go for $8.4 million
A number of apartment properties traded hands for a cool $8.4 million in a sale recorded late November in Riverdale Park. All of the properties in the transaction neighbor each other, located at 5610, 5609 and 5505 54th Avenue in Riverdale Park.
While there are concerns about density and other issues, Greenbelt’s City Council seems cautiously supportive of a proposed redevelopment for Beltway Plaza. The six-phase plan would add between 175 and 250 townhomes or quadplex units, between 875 and 2250 multi-family units, and replace the 800,000 square-foot central mall with between 435,000 and 700,000 square feet of commercial retail space to the Greenbelt Road property.
On Jan. 11, 2019, representatives from the city of Greenbelt and the mall’s owners, Bethesda-based Quantum Cos., briefly met with the Prince George’s County Subdivision Design Review Committee to discuss the proposed redevelopment. Nothing major came of the meeting, aside from the rescheduling of a Planning Board hearing for the proposed redevelopment to March 14, 2019, to give city officials there time to consider whether or not to support the proposal. Greenbelt City Council is tentatively scheduled to consider and vote on such a resolution at its Feb.
The owners of Beltway Plaza have acquired more properties along Greenbelt Road. According to state property records, Greenbelt Retail Limited Partnership, a subsidiary of Beltway Plaza’s owners Quantum Companies, purchased three lots around 6107 Greenbelt Road in Berwyn Heights for $3.2 million from the Karl H. Flicker trust in a transaction recorded Nov. 15, 2018. The property currently houses a branch of Money One Credit Union. In an email, Quantum Companies attorney Marc Kapastin said there were no immediate plans for the properties.
A conceptual site plan application for the redevelopment of Beltway Plaza was officially accepted for review by Prince George’s County Planning Officials Dec. 10, 2018. Key documents from that application are attached below this article. Development Review 101
That now kicks off a 70-day timeline for the application to be considered by the Prince George’s County Planning Board, though the timeline can be stretched through appeals and requests for delay. The first planning body to consider the proposal is the Subdivision Review Committee, scheduled for its Dec. 28, 2018 meeting.
As long-term plans to redevelop Beltway Plaza gain inertia, economic development and planning officials are developing planning and policy strategies to reshape Greenbelt Road to be a more pedestrian, cyclist and transit-friendly corridor. Guiding those actions for now is a report compiled over the summer by the Urban Land Institute, released October 2018.
“The Greenbelt Road corridor is at a crossroads. Like many suburban commercial areas, it has lost some business to newer, outlying shopping centers and grapples with some disinvestment and traffic congestion,” reads the report. “Many community members express a desire for a greater variety of retail, but there is no singular vision for how the area can attract that.” The full report can be read here.
The University View student apartments in College Park have sold for $235 million, a record-breaking transaction. The property was previously owned by Greystar Real Estate Partners LLC and Rockpoint Group, which acquired the property in 2016 for $114.7 million.Property records for the sale have not yet been processed and the buyer was not disclosed in the announcement. The sale is believed to be the highest-priced single-asset student housing transaction in U.S. history. University View is a 1,570-bed, 507-unit, two-building mixed-use student housing facility with nearly 9,220 feet of retail space. It is located across Paint Branch from the University of Maryland at 8204 Baltimore Ave. in College Park.
UPDATE – Dec. 11, 2018, 5 p.m. – The conceptual site plan for the proposed redevelopment of Beltway Plaza was accepted for review by county planning officials Dec. 10, 2018, kicking off a 70-day review timeline. Proposals to redevelop Beltway Plaza Mall into a mixed-use, open-air neighborhood with homes, offices and retail are moving forward. Renderings of the conceptual redevelopment proposal are embedded below this article. Officials with Quantum Companies, the Bethesda-based company that owns the mall, have submitted paperwork with the Prince George’s County Planning Department seeking approval of redevelopment plans that would allow residences to be built behind the mall along Breezewood Drive.