Urban Atlantic Selected To Redevelop Inclusive Mixed-Use Community on 44-Acre Site In Cheverly, Maryland

Project Will Be National Model for Minority Equity, State-Of-The-Art Renewable Energy, Transportation Connections and Retail Included in Mixed Use Plan

LARGO, MD –Prince George’s County Executive Angela D. Alsobrooks announced that national developer Urban Atlantic has been selected by the Redevelopment Authority of Prince George’s County to redevelop the 44-acre site of the former Prince George’s Hospital site in Cheverly.

The mixed-use development of the hilltop site includes sweeping views of the Nation’s Capital and brings with it a $500 million investment in Prince George’s County that will create 1,000-plus units of housing activated by 40,000 square feet of retail, hospitality, and multi-use space, including an adaptive reuse of the existing primary hospital tower, all in a historically underserved area.  

“In this time of rising opportunity, the development of the former Prince George’s Hospital site will bring unprecedented opportunities for residents to invest in their own and their families’ future,” said Alsobrooks.

At least 40 percent of sponsor equity participation in overall project financing will be targeted to minority and local businesses and individuals in the creation of this economically, socially, and environmentally sustainable community. As part of this model, local and MBE contractors, businesses, and individuals will be able to participate as equity investors.  Crowdfunding sources targeting local residents, as well as local and national minority institutional capital will also be included as integral elements of the financing package for the project. 

The project plans will comprise over 1,000 residential units including multifamily apartments, for-sale townhomes, and senior living opportunities. As part of the overall plan, the team plans to preserve and use the primary tower of the former Prince George's Hospital, with the existing heliport repurposed as a rooftop amenity offering some of the best views in the region. Commercial activation opportunities will include traditional national and local retail, co-working spaces, a farmer and artisan market, and hospitality uses.

The Developer plans to work with local and state agencies to leverage the development to spur direct trail connections to both the Anacostia Trail Network and the Cheverly Metro Station with a focus on multi-modal transportation.

“In Prince George’s County we are best known for The Exchange, our mixed use, infrastructure and multi-modal transit-oriented development at the New Carrollton Metro Station,” said Urban Atlantic Managing Partner Vicki Davis. “We’ve also redeveloped the former Walter Reed Army Medical Center site into the highly successful Parks at Walter Reed, as well as dozens of other large scale master planned projects along the East Coast. We look forward to working with County Executive Alsobrooks and the Cheverly community hand-in-hand throughout this process.”

The project will create an estimated 2,350 jobs in the development phase and 275 permanent jobs upon completion.

About Urban Atlantic

Since its founding in 1998, Urban Atlantic has established a strong track record of successfully investing and developing in inclusive, large-scale, mixed-income TOD communities exceeding 10,000 residential units and three million square-feet of commercial. Headquartered in the Washington metro area, the firm’s portfolio includes over $3 billion in completed real estate developments.  Additionally, Urban Atlantic’s third-party investments have leveraged over $2 billion in real estate developments and operating businesses in emerging markets. Visit www.urban-atlantic.com for more information.