Business View Magazine September 2018

108 109 HYATTSVILLE, MARYLAND house development, and condominiums along the metro locations, but mostly multi-family residential rentals within the commercial cor- ridors have been driving the tax revenues. Hyattsville’s designated Historic District offers late 1880s Victorian homes and Sears bungalows, and Arts & Crafts houses built be- tween the wars (late 1910s and early 1940s). It’s a highly competitive market, because there are so few of them and they’re, typically, lower priced than similar D.C. properties. Some housing stock doesn’t even make it to market - they sell over listing price and over a week- end. Proximity plays a role, as do the quality of City-provided services and the overall vibe people experience in Hyattsville. “The other driver is the Mall and develop- ments along Prince George’s Plaza, which is commercial and office space,” says Chandler. “The Mall outperforms, per square foot in sales, just about any commercial property in the region. It is a unicorn. Their fast casu- al performs at well over $1,000 per sq. ft., which is highly unusual. Overall, most of our commercial base is retail, with some offices in the University Town Center area. That has dwindled since 2009. The federal government used to have a presence there over one mil- lion sq. ft., now it’s about 400,000 sq. ft., which includes the Dept. of Treasury, the Center for Disease Control, and smaller finance-related offices.” One of the former office buildings is being converted to a residential development. Bernstein Companies, out of D.C., purchased the asset from Wells Fargo and is creating 330 luxury rental units. “The building is going to have every amen- ity,” says Chandler. “They’re marketing to D.C. folks who want to go downtown and work downtown but don’t want to pay to live downtown.We are two stops from the D.C. line, so it’s consistent with what we’ve seen. Our market is looking residen- tial but the commercial pieces we have are sub- stantial.” The Baltimore Avenue Corridor of Hyattsville, aka the Arts District, is seeing an upward trend in smaller niche businesses. As a state-designated arts and entertainment district, there are funding opportunities available. Chandler notes, “We have a brewery that just opened in a building that, two years ago, you’d have thought, no way. It’s owned by three local guys, college friends, who are legally hearing impaired. The business is already thriving. A coffee shop on a back alley in a build- ing that was vacant for over a decade is thriving. Twenty years ago, Mike Franklin opened a sand- wich and toy shop– two things that shouldn’t go together –but today he has a successful full-ser- vice brewery, opened his second location, and deserves some of the credit for entrepreneurs looking at Hyattsville as a place they might be able to make it.” Mayor Hollingsworth shares, “In Hyattsville, we have an opportunity to showcase that there is still potential for growth while maintaining the AT FORE, WE ALWAYS LIVE UP TO OUR NAME. www.foreproperty.com Fore Property is pleased to present the Edition Apartments in Hyatts- ville, MD. Apartment units within this LEED Silver designed community will be outfitted with gourmet kitchens with quartz countertops and energy efficient stainless-steel appliances. Residents can lounge by the pool, take care of your four-legged friend and the on-site pet spa and let Fido run free at the on-site Dog Park. Challenge your muscles at our two-story, top-of-the-line fitness center, or enjoy a friendly ping-pong game with your neighbor at the outdoor gaming area. Lush courtyards with BBQ grills and fire pits are an ideal spot to catch up with your friends and hone your grilling skills, and the resident portal makes ev- erything from receiving packages to paying rent so much easier! “We’re very excited about this new project and the initial feedback from the community has been terrific,” stated Jim Sullivan, Partner with Fore. Fore Property is a full-service real estate company that develops, owns, and manages multifamily communities nationwide.