Invest Prince George’s: Discover the Potential of Prince George's 15 Metro Stations
COALITION FOR SMARTER GROWTH
PRESS RELEASE
For Immediate Release
Sept. 28, 2010
Contact:
Cheryl Cort, T. 202-244-4408 x 112 or
Mobile: 202-251-7516
Invest Prince George’s
Washington, D.C. regional coalition releases online resource for investors highlighting untapped real estate value of 15 Metro stations
Today, the Coalition for Smarter Growth launched an online resource for investors highlighting the untapped value of Prince George’s County, Maryland’s 15 Metro stations in the Washington, D.C. region. The online guide features maps, zoning information, key government contacts, and convenient travel times to downtown and area airports for all 15 Metro stations. The wealth of information provided in the document would typically cost prospective investors thousands of dollars to compile.
“Prince George’s Metro stations offer large development sites at the very doorstep of our nation’s capital and strongest metropolitan economy. As the economy recovers, Prince George’s Metro stations will be prime locations to build new offices and mixed-use communities. Our online resource is designed for investors seeking access to the strong Washington, D.C. market while also capitalizing on the region’s most strategic, yet undervalued sites,” said Cheryl Cort, Policy Director for the Coalition for Smarter Growth.
Separate research by real estate advisory firm Robert Charles Lesser & Company (RCLCO) has documented the growing demand for transit-oriented developments (TOD) and the higher economic returns from TOD.
“According to the RCLCO analysis, demographics are changing and dramatically driving up demand for convenient, walkable and transit-accessible neighborhoods. Prince George’s is in a perfect position to ride this long-term trend and offer an outlet for the kinds of transit-oriented places sought by growing numbers of young professionals, empty nesters, and retirees,” said Stewart Schwartz, Executive Director of the Coalition for Smarter Growth.
“Prince George’s Metro stations offer generous room to grow. Our Metro stations are a great investment opportunity, and developers will have the broad support of the community for well-designed, mixed-use development,” said Karren Pope-Onwukwe, co-chair of Prince George’s Advocates for Community-based Transit.
Just last week, the Washington Metropolitan Area Transit Authority (WMATA or “Metro”) announced a major joint development opportunity for the New Carrollton Metro Station. Meanwhile, Maryland Governor Martin O’Malley is investing state funds in TOD infrastructure and moving a state agency to a Prince George’s Metro station. Combined with the incoming County administration, the opportunity to spark public and private investment at Prince George’s Metro stations has never been better.
As the area’s economy continues to grow, the Metropolitan Washington Council of Governments predicts that convenient access to jobs and housing in the Washington, D.C. region will improve when located near Metrorail. However, accessibility of jobs and housing at highway-dependent sites will continue to decline.
“Transit-oriented development in Prince George’s is a golden opportunity – how many other communities can claim such access to a world-class high-capacity rail system? Metrorail connects hundreds of thousands of jobs and millions of people in an efficient, reliable network. While roads keep filling up with traffic, Metro offers a far more reliable and safe way to get customers to businesses, and workers to jobs and home again,” concluded Schwartz.
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