The New New Carrollton Will Be Unrecognizable
After years of preparation and negotiations, WMATA is making some serious progress in redeveloping the New Carrollton Metro Station. A JV between Forest City and Urban Atlantic was selected to transform the site in 2010, and they’ve just submitted a term sheet for a 2.7M SF mixed-use project.
New Carrollton now
Right now the site is mostly parking lots and a few trees. The development will be built on 42 acres owned by WMATA and the State of Maryland on both sides of the current station.
New New Carrollton
This is what the site may look like in a few years if WMATA and Maryland both decide to move forward with the plan as submitted. WMATA will vote on the plan detailed in the term sheet this summer, while Maryland will decide what to do with its 16 acres independently.
Development will come in stages
Forest City and Urban Atlantic’s current proposal calls for first developing 260k SF of residential in mid-rise buildings with 13k SF of retail, then, depending on market conditions, proceeding parcel by parcel. The project will eventually reach 1.3M SF of residential, 1.1M SF of office space, 150k SF of retail, and 150k SF of hotel.
Desolate Parking Lot No More
Each parcel will have a 98-year ground lease from WMATA, and a covenant will stipulate that the land will be developed and maintained as a transit-oriented development. According to the term sheet, Forest City and Urban Atlantic expect to start construction in 2016. Details from WMATA here.
