ECHO Realty purchases 3.5 acres at UTC; Development plan for 82,000 s/f space

ECHO Realty, LP has purchased 3.5 acres located at the northeast corner of East-West Hwy. and America Blvd., at University Town Center (UTC).ECHO's development plan for the property includes 82,000 s/f of retail and office space on two levels. A lease with Safeway has been executed for a 55,000 s/f supermarket, and leases are out for signature for half of the remaining space in the project. There will be provisions for nearly 300 parking spaces, with 75 spaces at grade and 225 spaces atop Safeway's building. Detailed site plan approval has been achieved with Prince George's County; final design and construction documents are now being completed and contractor bidding will occur in late February/early March. Site work is tentatively scheduled to commence during the second quarter of 2014 and the entire development will open for business in the third quarter of 2015. The complementary (to Safeway) retail space will line America Boulevard, north of East-West Highway, and will join the existing street retail program leading to the entry to Regal Cinema. ECHO is joined by the Bernstein Companies of Washington as a limited partner in this enterprise. Bernstein is actively and separately engaged as an owner of several other components of the University Town Center mixed-use program.