The Maryland Department of Commerce has announced the designation of the Greater College Park RISE Zone. The Regional Institution Strategic Enterprise Zone program, known as RISE, was created to help boost economic development and job creation around the state’s higher education institutions.
As announced by Maryland Commerce:
The designation aims to spur economic development and job creation by allowing commercial and industrial business that move into or expand significantly within the zone to benefit from real property and income tax credits. Businesses in targeted industries, including engineering, cybersecurity, additive manufacturing, aerospace, and biotechnology, among others, will be eligible to receive increased incentives.
“The University of Maryland, College Park is a world-renowned research institution and a major economic driver for the state,” said Governor Larry Hogan. “The RISE Zone designation will support the university’s spirit of innovation and entrepreneurship and help companies grow and thrive in and around the campus.”
“The creation of this RISE Zone will help bring economic opportunity and investment to Prince George’s County,” said Prince George’s County Executive Rushern L. Baker, III. “With more than 37,000 students and 14,000 employees, the University of Maryland is the state’s flagship higher-education institution and one of the county’s largest employers. The proximity of the University of Maryland, College Park to Washington, D.C and Baltimore, as well as being centered along the I-95 corridor, make it an excellent place to stimulate innovation and economic growth for Prince George’s County and the state of Maryland.”
The Greater College Park RISE Zone covers approximately 470 acres, including portions of the university’s campus, the City of College Park, and the adjacent Town of Riverdale Park. Major projects in the RISE Zone include The Hotel at UMD, a 300-room luxury hotel and conference center expected to open in July 2017; a 75,000-square-foot office building; two multifamily residential projects near the College Park Metro Station; and 111,000-square-feet of flex space. The Hotel at UMD will also include facilities for academic research and incubation space for start-up companies.