ULI Advisory Services Panel for Largo Town Center, MD
The Prince George’s County Planning Department engaged the Urban Land Institute (ULI) to provide an Advisory Services Panel from December 6–11, 2015. ULI is a nonprofit education and research organization that fosters and encourages high standards for land use planning and development. The members of this panel were selected from the ULI membership for their expertise relevant to planning, marketing, land use, economics, urban design, and transit oriented development. All panel members donated their time, effort, and expertise to the Advisory Services program as a personal contribution to further the Institute's work and objectives.
Plan 2035, the County’s NEW General Plan, and the Approved 2013 Largo Town Center Sector Plan and Sectional Map Amendment envisions the Largo Town Center transforming into one of Prince George’s County’s premiere mixed-use “downtowns” and 24-hour activity center. However, the Largo office market peaked in 2002 with a nine-percent vacancy rate and an inventory of 3.3 million square feet of space. Over the last six years, the occupied office space declined at a rate of 165,000 square feet annually. Market pressures from the economic recession and past adjustments to the office supply with the addition of space created a shift in the occupancy. Vacancy rates for office space in this submarket area reached 22.5 percent in 2012, indicating that nearly one out of every four square feet of available office space in the sector plan area was vacant.
The assignment for the panel was to provide unbiased input, offer recommendations to help Prince George’s County stimulate private sector investment at the Largo Town Center, and help facilitate the vision of the Largo Town Center Sector Plan and Plan 2035. The emphasis of the panel’s work consisted of the half-mile radius around the Largo Town Center Metro Station. This half-mile radius covers 502 acres and represents a 15-minute walk for the average person.
An important part of the panel's activities during the week-long assignment included interviews with individuals from the Washington metropolitan region who could make significant contributions to the assessment of the issues.
The week-long process culminated with a public presentation of the ULI Advisory Services Panel recommendations on Friday, December 11th at 9:00 a.m. at the Office of Central Services Building (Room 140), 1801 McCormick Drive, Largo.
The final written report of recommendations is being prepared and will be available in spring 2016.