Clark Builders Group Breaks Ground on Upscale Student Housing at University of Maryland
College Park, Md.—Clark Builders Group broke ground today on Terrapin Row, a revitalizing 1,493-bed luxury student housing community adjacent to the University of Maryland campus, in College Park, Maryland. The project is a joint venture with Toll Brothers Campus Living and Ares Management, L.P. Located on Knox Road in close proximity to the University of Maryland's historic South Campus, Terrapin Row is a multi-phase project that will consist of seven buildings to include 418 furnished apartments in three apartment and two townhouse buildings, 11,856 square feet of ground floor retail, a 489-space parking garage, and a pedestrian and bike-friendly Village Green.
The housing community will feature student-centric amenities such as study rooms on every floor and the largest state-of-the-art fitness center in College Park. Additional amenities include a separate fitness-on-demand flex room providing cardio, yoga, spin and pilates classes, a sauna, a resort-style swimming pool with sunshelf, a cyber cafe and game room, and multiple courtyards offering a volleyball court, outdoor kitchen, fire pits, and exterior TV viewing areas.
"We are very excited about the positive impact Terrapin Row will have on the College Park and University community," said Charles Elliott, managing director at Toll Brothers Campus Living. "Our intent is to develop a community that understands the student lifestyle and connects with campus."
Terrapin Row is committed to promoting a green and active lifestyle through its emphasis on pedestrian-friendly public spaces and ample bike storage on the Village Green, the development's primary central courtyard. The Village Green will flow into a grand stairway and amphitheater that opens to a pedestrian plaza named "the Muse," which will usher pedestrians towards the main academic centers of campus.
"We are proud to partner with Toll Brothers Campus Living to deliver this new community to the University of Maryland," said Keith Anderson, president of Clark Builders Group. "It is an exciting project that will bring new life to the South Campus by creating a hub for student living, learning, and gathering."
Delivering in Fall 2016, Terrapin Row is targeting LEED Silver certification by incorporating numerous environmentally minded elements into its construction. The property will utilize a stormwater management program that captures and treats runoff from 90% of average rainfall, and enhanced refrigerant management that minimizes compound emissions. In addition, 35% of the building's electricity will be derived from renewable sources and 75% of construction waste will be recycled or salvaged and diverted away from landfills.
Located less than a quarter mile from three campus bus lines and featuring covered bike storage and an alternative fuel station for hybrid cars, Terrapin Row will also promote alternative transportation.
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About Clark Builders Group
As one of the largest multifamily builders in the nation, Clark Builders Group (CBG) is one of the nation's premier builders of luxury apartments, military family housing, and mixed-use communities. CBG has constructed more than 60,000 homes since its founding in 1992 and boasts an extensive portfolio of nationally acclaimed, award-winning communities on both coasts. CBG is an affiliate of the Clark Construction Group, one of the nation's oldest and largest private general contractors. For more information, visit www.clarkbuildersgroup.com.
About Toll Brothers Campus Living
Toll Brothers Campus Living is the student housing development division of Toll Brothers, Inc. (NYSE: TOL), the nation's leading builder of luxury homes. Toll Brothers Campus Living is bringing the same quality, value and service familiar to luxury home buyers throughout the country, to new student housing communities located nearby select university campuses. Toll Brothers Campus Living communities combine the energy of collegiate locations with student-centric services, amenities, and the expertise of the nation's leading builder of luxury homes. For more information on Toll Brothers visit www.tollbrothers.com.
About Ares Management, L.P.
Ares is a leading global alternative asset manager with approximately $84 billion of assets under management and more than 15 offices in the United States, Europe and Asia as of September 30, 2014, pro forma for the EIF transaction. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its four distinct but complementary investment groups in Tradable Credit, Direct Lending, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information on Ares Management, visit www.aresmgmt.com.