University of Maryland
Since 2009, U3 Advisors has served University of Maryland in College Park, advising on a variety of real estate and community engagement initiatives. Cumulatively, the strategies have led to the University forming a stronger working relationship in College Park, and laying the groundwork to transform the Downtown into a vibrant college town district.
As real estate advisors to UMD, our work has included:
UMD REAL ESTATE STRATEGY
U3 Advisors created a real estate strategy for the University that synthesized the University’s Strategic Plan, the Facilities Master Plan, and the planning and development aspirations of external partners. We analyzed the internal institutional drivers that have real estate implications (housing, research, student life) and reconciled these against the market dynamics that prevailed in College Park. The strategy identifies a key east-west linkage from the campus core through the Metro to the Discovery District and hinges on Downtown as the critical juncture for redevelopment.
VISION FOR COLLEGE PARK 2020
The College Park City Community Partnership (CPCUP) is a shared nonprofit between the University, College Park, and Prince George’s County that was set up to lead joint initiatives. With CPCUP as the client, U3 Advisors created a shared vision for College Park and implementation plan that identifies specific initiatives focused on housing, transportation, education, sustainability, and safety.
TERRAPIN DEVELOPMENT COMPANY
U3 Advisors led the formation of the Terrapin Development Company LLC (TDC), a two- member LLC formed by the University of Maryland College Park and the University of Maryland College Park Foundation to lead economic and real estate development in College Park, MD.
TDC controls 15 parcels and is in the process of repositioning and redeveloping key parcels to activate the edges of campus with uses that complement and strengthen the institution’s core mission. The first of these projects, MilkBoy Arthouse opened in 2017 in Downtown College Park. Working closely with the University and the local community, TDC is aiming to transform College Park into a dynamic University District – that includes vibrant downtown amenities and a hub for public-private research and innovation.
U3 Advisors works closely with TDC President, Ken Ulman, and his team to staff the organization on core activities including real estate strategy, acquisition, development, placemaking, and local economic vitality. U3 is also providing all back of house operations to support TDC
The creation of TDC has been many years in the making. U3 Advisors has been engaged with UMD since 2009 – the creation of TDC represents a strategic shift in the way the University approaches real estate development at the edge of its campus. Profits from TDC’s development activity will directly benefit the University and its foundation.
HOTEL AND CONFERENCE CENTER DEVELOPMENT
U3 Advisors led the site and developer selection process for a University-affiliated hotel and conference center. We helped define the desired program, drafted the solicitation, and identified potential developer respondents to build and operate a University affiliated hotel. The 297 key Hotel at UMD opened in Fall 2017 and serves as the flagship hotel and conference center for the University.