Maryland Science and Technology Center
Project Type: Mixed-Use Land Development
Space Use: Flex Office & Industrial, Multi-Family, Retail, Hotel
Location: Bowie, MD
Project Size: 6 million SF
Services Provided: Asset Value Maximization, Development Strategy, Zoning & Entitlements
JM Zell provided strategic planning and development consulting services to Allstate for a science and technology park in Bowie, Maryland (“MSTC”). Approved for over six million square feet of office and commercial use on 466 acres, it was the largest tract of commercially developable land in the Washington-Annapolis corridor.
The plan then in-place restricted uses to technology-oriented businesses and prohibited residential use. The State of Maryland had already committed to constructing a major interchange to serve the property at the intersection of Routes 50 and 3/301. The project was stalled because of competing interests of public and private ownership entities and exacerbated by economic recession.
As advisor for the primary private developer, JM Zell created a strategic plan that reformulated the 20-year-old master plan to reflect current market conditions and opportunities. JM Zell also orchestrated a transaction consolidating ownership with a unified development objective, which included the buyout of the University of Maryland Foundation’s ownership interest.
JM Zell led land planning and public charettes to gain approval from the City of Bowie for repositioning the property as a phased mixed-use plan allowing higher and better uses with residential, retail, and flex office uses while preserving wetlands. We also led efforts that gained the support of both State and local officials for the new master plan.
JM Zell orchestrated land development efforts that included use studies analyzing County tax revenue enhancement potential, pricing road, sewer, and utilities, and working with the City and MSTC to negotiate a cost-sharing agreement for the infrastructure.
JM Zell negotiated the sale of one million square feet of office/flex space development rights to a speculative developer while retaining landowner participation in cash flow from future building rents and sales. JM Zell also negotiated the sale of parcels to a hotel developer and a union for training facilities.
If you are interested in learning more about how JM Zell can assist you in achieving your business and operations goals through real estate, please contact us here.