Prince George’s County is increasingly attracting outside investors to its multifamily, office and mixed-use projects, but local leadership is looking to improve the county’s permitting process and offer more financial incentives to spur development.
The county sees its 15 Metro stations as potential hubs for mixed-use development, and it is preparing to put its money where its mouth is.
Prince George’s County Executive Angela Alsobrooks said at Bisnow’s Future of Prince George’s County event Wednesday she is preparing to send an incentive package to the County Council for the 50-acre development Retail Properties of America has planned at the Largo Town Center Metro station. Alsobrooks said she plans to continue to use financial incentives as a way to compete with other jurisdictions in the D.C. region.
“We recognize this is a competitive market, which means we have to have those tools and incentives in the toolbox, where necessary, to make sure we are going to be able to make the deals that we want to have happen,” Alsobrooks said. “We’re in the process of looking into those incentives and creating more of them so that we’re able to continue to compete in this area.”
RPAI’s Largo project, branded as Carillon, is planned to include 3,000 multifamily units, 300K SF of retail and 900K SF of additional commercial space at full build-out. The first phase, expected to begin this year, is slated to include a 350-unit residential building and two retail buildings, one of them featuring a 12-screen AMC IMAX movie theater.
Click here to read the rest of the article written by JON BANISTER over at Bisnow