Economic Development Potential

While adaptive reuse of the site and the prospect for additional complementary new uses offer a potentially exciting economic development opportunity for Prince George’s County, past efforts to sell the site to a development entity have been unsuccessful. Key issues have been the market viability of the mandated CCRC use, and the cost for remediation and preservation of the existing historic structures.

 

CCRC Market Study

In March 2015, M-NCPPC engaged the Redevelopment Authority of Prince George’s County (RDA) to provide real estate advisory services to explore the feasibility of adaptive reuse of the site.

 

The RDA engaged a senior housing consultant to perform a Market Study to determine if there was sufficient market depth to support a CCRC. The scope of the Market Study included the definition of a geographic market area for most of the potential residents, compatibility with surrounding land uses, demographic analysis, and the identification and analysis of existing senior living facilities.

 

The scope of the Market Study did not include an evaluation of the cost to re-mediate or adaptively reuse the existing buildings and the impact on the feasibility of developing and operating a CCRC. The Market Study concluded that there is sufficient depth to support a CCRC at this site.