HANOVER, MD (December 3, 2009) - Transportation Secretary Beverley K. Swaim-Staley today announced the award of exclusive negotiating rights to Patriot Realty of Rockville to develop a transit-oriented development at the Laurel MARC Station. This award moves this planned Smart Growth development one more step forward in creating a mixed-use project that will provide retail, office and residential space around one of the busiest transit stations along the MARC Camden line.
"By creating development and density around established transit stations, we can improve the adjacent communities, increase transit use and create a better environment by reducing the number of cars on the road," said Secretary Swaim-Staley. "Governor O'Malley has made Transit-Oriented Development projects a top priority because they link land use and transportation in a way that benefits both residents and the environment."
Transit-Oriented Development, or TOD, involves using property around transit stations to create quality, mixed-use developments. These projects also focus on: increasing pedestrian and bicycle trips, enhancing walkable connections to the station and providing convenient access to goods and services. TOD projects provide key, long-term benefits like mitigating sprawl, lowering local infrastructure costs and improving quality of life for Marylanders from all income groups by providing them with more convenient access to mass transit.
The Laurel MARC Station TOD project not only helps increase transit ridership, but it also boosts the State's return on its investment in transit infrastructure. The development will be located on the Maryland Transit Administration's existing parking lots, and a new parking garage will be added to the site. MDOT and Patriot Realty will determine specific components of the anticipated TOD project, including program specifications and economic terms, during post-award predevelopment negotiations. Patriot has been in business since 1998 and focuses on developing high-quality, mixed-use properties encompassing housing, retail and offices throughout the Washington, D.C., metropolitan area near mass transit.
The next step will be negotiating and finalizing a Master Development Agreement. This agreement will outline what will be constructed and the responsibilities of all parties. It also will be subject to Board of Public Works approval. MDOT's strategy to promote transit-oriented developments is a part of Governor O'Malley's Smart, Green & Growing initiative, which brings Marylanders together to restore the Chesapeake Bay, preserve our land, revitalize our communities, create green jobs, improve transit, conserve energy and address climate change.
Contact:
Jack Cahalan
Erin Henson
410-865-1025 |
