“Invest Prince George’s” – A Resource Document for Investors
Use our interactive map for more information on each of the Prince George's County Metrorail stations.
This is meant to be an online resource that can be explored interactively using the left-hand menu. However, you can also download the full document.
Prince George’s County, Maryland offers the best economic development and private investment opportunity in the robust Washington, D.C. region – 15 Metrorail stations with direct access to one of the nation’s leading employment centers.
Employers and residents at Metrorail station communities in Prince George’s can enjoy short commutes to downtown Washington, D.C., an Amtrak station on the Northeast Corridor, 30 minute rail access to National Airport, and bus and rail connections to Baltimore-Washington Airport. The University of Maryland, IRS headquarters, Census Bureau, a new Department of Homeland Security headquarters on the east side of the District of Columbia, and expanded defense facilities at Joint Base Andrews are a few of the major employers at or near Prince George’s Metrorail stations.
While other regions scramble to fund new transit systems, Prince George’s County already has the system and stations in place, and the commitment of local, regional and state government to support private investment. Meanwhile, new federal sustainability programs for funding infrastructure are tailor-made for supporting transit-oriented development at the doorstep to the Nation’s Capital.
The Metrorail system connects hundreds of thousands of jobs and millions of people in Suburban Maryland, Northern Virginia, and the District of Columbia. The region has some of the best examples of walkable, transit-oriented development in the nation with property values, occupancy rates, sales prices and rents weathering the recession far better than suburban development. As the region and traffic congestion grow, the reliable, high speed travel connections offered by Metrorail will rise in value.
This document demonstrates the opportunities for development around each of Prince George’s County’s 15 Metrorail stations. It offers a wealth of information for investors seeking access to the strong Washington, D.C. market by capitalizing on the region’s most strategic, yet undervalued sites.
The Mosaic at Prince George's Plaza Metrorail station. Image courtesy of the City of Hyattsville.
Why Transit-Oriented Development?
Transit-oriented development (TOD) is commonly defined as higher-density, mixed-use development within walking distance – usually within ½ mile – of transit stations. A Robert Charles Lesser & Company (RCLCO) study1examined the growing demand for housing in transit-oriented developments, and the economics of transit-oriented development. The assessment found the following:
Growing Demand for Higher-Density Communities
- Household sizes are shrinking. According to the U.S. Census, the average household sizes in the U.S. have steadily decreased from 3.29 in 1960 to 2.59 in 2000. The average household size in 2000 in the District of Columbia Metropolitan Statistical Area (MSA) was 2.2 persons. RCLCO predicts greater than 85% growth in households without children by 2025.
- Cost of living is on the rise. The cost of living has increased substantially since 2006, with gasoline prices nearly 30% higher, and food prices nearly 20% higher. As a result, RCLCO predicts that close-in, transit-accessible, and smaller, more affordable housing units will be in higher demand.
- The demand for single-family homes in traditional suburban communities is decreasing. RCLCO found that 68% of consumers today prefer traditional suburban communities, but only 50% will in the future. In addition, 82% of consumers today prefer single-family detached homes, but only 68% will in the future.
- Generations X and Y are showing a preference for walkable communities. About one-half of Generation X and Y prefer to live in an urban setting, and about two-thirds would trade lot size for the ability to walk to work.
The Economics of Transit-Oriented Development
- Mixed-use development is more valuable than traditional suburban development. In the long term, the value (value creation/cash flow) of mixed-use development is substantially greater than traditional suburban development.
- Proximity to transit creates value. Regardless of land use, properties in proximity to transit are more valuable than those that are not.
- Public infrastructure costs are more expensive in suburban areas. Public infrastructure costs per dwelling unit are almost twice the cost in suburban areas ($28,000/unit) than in urban areas ($16,000/unit).
- High-density development creates value. Property values of high-density development are greater than those of low-density development.
Prince George's County Demographics 2
| Total Population: | 820,852 | ||
| Median Age: | 35.5 | ||
| Median Household Income: | $72,166 | ||
| Mean Household Size: | 2.68 | ||
| Household Type: | |||
| With Children | 36.1% | ||
| Married Couples | 17.0% | ||
| Other | 19.1% | ||
| Without Children | 63.9% | ||
| Singles & Couples | 62.9% | ||
| Other | 1.0% | ||
1 Robert Charles Lesser & Company. (2010, June 11). Transit-Oriented Development - Framing the Future of Prince George’s County. Presented at Prince George’s County Economic Forum. College Park, MD: Kannan.
2 United States Census Bureau. (2008). American Community Survey 1-Year Estimates for Prince George’s County, MD [Data file]. Retrieved from http://factfinder.census.gov.
