|By PR Newswire||
|August 14, 2014 08:45 AM EDT||
HYATTSVILLE, Md., Aug. 14, 2014 /PRNewswire/ -- ECHO Realty, LP and its partner The Bernstein Companies are pleased to announce the commencement of construction of The Gateway at University Town Center, located at the intersection of East-West Highway (Maryland Route 410) and America Boulevard, in Hyattsville, Prince George's County, Maryland. The Gateway at University Town Center will be anchored by a 54,400 square foot Safeway supermarket, complemented by approximately 29,000 square feet of specialty store retail and medical office use.
The two-story building includes 10,000 square feet of street retail shops along America Boulevard adjacent to Safeway, linking the existing restaurant and cinema components of University Town Center to heavily-traveled East-West Highway. Above the shops, 10,000 square feet of a soon-to-be-announced medical center will be featured. On the southeast corner of the project a 9,000 square foot two-story building will house Unleashed by Petco at street level and Phenix Salon on the second level. 300 parking spaces will serve these commercial enterprises, with very convenient vehicular and pedestrian access.
ECHO has selected Facchina Construction Company, Inc., as the site work contractor at The Gateway at University Town Center. Work has commenced at the 3.5 acre site which previously served as a surface parking lot for other University Town Center buildings. Sediment control devices have been installed, test pits have been excavated, and asphalt is being demolished and rough graded in preparation for construction of building improvements for the mixed-use development program. ECHO will be selecting the general contractor for the shell and interiors portion of the project in the next couple of weeks.
Scheduled to open in November 2015, The Gateway at University Town Center has received project financing from the Bank of America. The development benefits, too, from an approved $3.5 million public subsidy package which includes a $2.0 million loan from the Prince George's County Economic Development Incentive Fund, a $1.1 million tax incentive component from the County's PILOT (payment in-lieu of taxes) program, and a $400,000 tax credit assistance from the City of Hyattsville.
ECHO Realty is a privately-held developer and owner of grocery anchored shopping centers with offices in Pittsburgh, PA, Washington, DC, and Indianapolis, IN. ECHO's portfolio presently comprises over 190 properties located in Pennsylvania, Ohio, Maryland, West Virginia, and Florida.
The Bernstein Companies, founded in 1933, is one of the oldest commercial real estate firms in Washington, DC. The privately-held company owns, manages, develops, and invests in a variety of commercial and residential properties with a current portfolio of approximately 3 million square feet.
SOURCE ECHO Realty, LP
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