High-End Residential Development Thriving in Maryland
High end residential development is thriving throughout northern Prince George’s County. New projects, representing over 2,000 units, are underway at all points in the development process. Demand is keeping pace with development.
Multifamily development has been a major force along Route 1 for years, especially with the development of student housing starting in 2011. The pace of construction reflects renewed interest in living around College Park. This means more traditional residential development – apartments, condos, and townhouses – is growing too.
Developers work hard to bring options to high-earning professionals by building luxury homes that they can’t keep on the market. Townhomes are under contract nearly as soon as they’re completed. As three representative projects – Greenbelt Station, Riverdale Park Station, and Editors Park – show, developers have been able to sell new townhomes at a range from $214 to $385 per square foot. This equates to around half a million dollars per unit.
To learn more about high end residential development in Prince George’s County, along with other area news, view our full Route 1 Route 295 Corridor Newsletter.