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May 03

Economic Development Week

Posted on May 3, 2022 at 4:47 PM by Ryna Quiñones

THE CITY OF COLLEGE PARK CELEBRATES MARYLAND'S ECONOMIC DEVELOPMENT WEEK

COLLEGE PARK, MD - October 26, 2021 - The City of College Park will celebrate Maryland Economic Development Week from October 25 through 29, 2021. Hundreds of businesses and commercial entities call the City home, and the City recognizes their contributions to the local and regional economy through job creation, investment, and community engagement.  With highly rated and reviewed restaurants, new entertainment venues, an emerging tech sector, as well as local businesses that have been in College Park for decades, the City of College Park has it all.

The City is home to several exciting ventures, including the Quantum Computing startup ION Q. This College Park-based and headquartered business went public on October 1, 2021, and is currently valued at more than $2 billion, with Amazon and Google as part of its investor group. ION Q’s facility will create training and employment related to the use its commercial-ready hardware. Quantum programmers will receive best-in class support as they explore projects at the cutting edge of computing. This will continue to enhance the City’s highly educated workforce as a major feeder for the federal government, UMD and local businesses.

The City’s much awaited City Hall will open to the public in early December 2021.  Located at 7401 Baltimore Avenue, this newly constructed building will serve as the City government’s home, as well as provide meeting space for the community, and a large outdoor plaza for events.  This mixed-use building features retail space on the ground level, City offices, Council Chambers and public meeting spaces on the first two floors, and University offices on the top floors. Announced in mid-October during a City Council meeting, the first retail tenant will be Shop Made in Maryland. Focused on products locally made and crafted in Maryland, Shop Made in Maryland will also feature a café for coffee and serve wine and beer during evening hours.

Vibrancy has returned to the City’s Downtown and commercial areas with many shops and restaurants enjoying a resurgence of consumer spending from pandemic restrictions lifting and students returning. The CP Food Hall is a new dynamic business with a restaurant, bars, and events and performance space open to the entire College Park community. The nationally recognized Discovery District managed by the University of Maryland is a 150-acre area comprised of two-million square feet of office and research space.  It is the future home of the National Quantum Lab (Q-Lab) and new residential and retail space.  For those looking to lodge within the City, there are numerous options, including highly rated and three- and four-star hotels.

In the northern area of the City, the Hollywood Shopping Center hosts one of the City’s three weekly Farmers Markets every Saturday from April through November.  College Park’s Hollywood area has seen an uptick in business and foot traffic with new grocery stores, along with coffee, fitness, restaurants, and day care establishments.

New businesses have opened recently in the City’s mid-town areas. In the Berwyn Commercial District, art and event venue Studio 444, Tacos a la Madre, and Krazi Kebob are now open for business.  Construction continues for the Tempo student housing, and several eateries and restaurants like Moge Tea and Cuppa Tea have also recently opened in the area.

The City salutes and thanks all of our businesses during Maryland’s Economic Development Week.

Businesses interested in locating within the City of College Park should reach out to the City’s Economic Development Manager for programs, incentives, and information. For businesses looking to improve their store appearance, the City’s Façade Improvement Program provides matching and full grant funds for certain investments. To date, the City has allocated over $500,000 for such improvements and the program is currently accepting applications. More information about this program and the Office of Economic Development can be found at www.collegeparkmd.gov/econdev. Please contact the City’s Economic Development Manager, Michael Williams, at mwilliams@collegeparkmd.gov or 240-487-3506.