|By PR Newswire||
|January 31, 2014 09:00 AM EST||
PITTSBURGH, Jan. 31, 2014 /PRNewswire/ -- ECHO Realty, LP is pleased to announce its January 3, 2014 purchase of a 3.5 acre parcel of land located at the northeast corner of East-West Highway (Maryland Route 410) and America Boulevard, at University Town Center (UTC), in Hyattsville, Prince George's County, Maryland. ECHO's development plan for the property includes 82,000 square feet of retail and office space on two levels. A lease with Safeway has been executed for a 55,000 square foot supermarket, and leases are out for signature for half of the remaining space in the project. There will be provisions for nearly 300 parking spaces, with 75 spaces at grade and 225 spaces atop Safeway's building. Detailed site plan approval has been achieved with Prince George's County; final design and construction documents are now being completed and contractor bidding will occur in late February/early March. Site work is tentatively scheduled to commence during the second quarter of 2014 and the entire development will open for business in the third quarter of 2015. The complementary (to Safeway) retail space will line America Boulevard, north of East-West Highway, and will join the existing street retail program leading to the entry to Regal Cinema. ECHO is joined by the Bernstein Companies of Washington as a limited partner in this enterprise. Bernstein is actively and separately engaged as an owner of several other components of the University Town Center mixed-use program.
ECHO's new development will be at the "front door" of UTC which comprises over 1.5 million square feet of office, two residential condominium towers, one 900-bed student housing tower (the University of Maryland is one mile north of UTC), and approximately 125,000 square feet of retail space anchored by a 67,500 square foot, stadium-seating, Regal Cinema. Immediately adjacent to UTC is the 1.1 million square foot Mall at Prince George's (anchored by Macy's, JC Penney, Target, Marshalls, Ross, TJ Maxx, and Old Navy), and the very busy Prince George's Plaza Metro station. Additionally, Post Properties, Equity Residential, and the Gudelsky Group have each recently completed or are presently under construction with major residential community developments within 5 minute walking distance of the acquired real estate.
ECHO Realty is a privately held developer and owner of grocery anchored shopping centers with offices in Pittsburgh, PA, Washington, D.C. and Indianapolis, IN. ECHO's portfolio consists of over 175 properties located in Pennsylvania, Ohio, Maryland, West Virginia and Florida.
SOURCE ECHO Realty, LP
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