News
PRINCE GEORGE'S: MD'S WAKING GIANT?
August 26, 2011
| Last night over 450 packed our first-ever Prince George's State of the Market at National Harbor. Experts say the county's underserved communities, abundance of available land, and new $50M economic development incentive fund mean it has some of Maryland's brightest real estate prospects. |
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| Prince George's County Executive Rushern Baker says the incentive fund was created to make the county competitive with Montgomery and Northern Virginia. (And not just in the inter-county softball league, though we hear $49M will go toward new bats.) Streamlining the approval process, improving education, and boosting public safety is how his administration plans to change the way people view Prince George's. He hopes all that will combine to grow its commercial tax base. |
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| Peterson Cos. chairman Milt Peterson says National Harbor was inspired by Barcelona's Las Ramblas Street, a place people visit just because they like being there. Which brings him to the key to large-scale development: placemaking. When you're designing things, the market—not you—chooses what'll go there, he says. (The market is the Ouija board of CRE.) That's why it's important to define a vision that'll attract folks no matter what. And while he's on the subject, Milt says you've gotta open big when you come to a new area to reduce risk (otherwise, your first visitors might not come back). |
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| Petrie Ross chairman Walt Petrie (right, with moderator Wayne Curry of NAI The Michael Cos.) says Prince George's retail market is underserved. It has half the retail SF per capita as the rest of the region, but retailers are cautious. It's especially hard for small tenants because loans are so hard to come be, he says, although grocery tenants remain a bright spot. Walt also says Woodmore Town Center (opened in October 2010) is doing well, with sales across the board ahead of projections. The center is 80% leased and he expects it to be at 90% by next year. |
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| And we thought everyone went on vacation in August. |
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| Former House Majority Leader (and current Minority Whip) Congressman Steny Hoyer joined the crowd for refreshments after the panel. |
