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University Town Center Auctions Condos

Bidders get bargain basement prices on Hyattsville condos near mall, metro station

Buried beneath a wave of hurricane coverage this past weekend was a small story about the ongoing, perhaps slow, transformation of the University Town Center neighborhood near the Prince George's Plaza Metro Station. 

On Saturday Oct. 28, New York-based Resource Real Estate put 33 condominium units at One Independent Plaza and Plaza Lofts 22 up for auction. The auction saw bidders walk away with some choice property at a bargain prices, according to a report in The Washington Post. 

The condos overlook the expansive, if sometimes deserted, pedestrian square which graces the center of the UTC development. The neighborhood has been beset by both residential and commercial vacancies, as well as a series of massive foreclosures, since it was built in 2006. 

Post reporter Kathy Orton attended the auction and followed 28-year-old Riverdale resident Lynettra Artis as she was able to purchase a one bedroom condominium at the Plaza Lofts for only $135,000.

Resource Real Estate did not sell its entire inventory at University Town Center during the auction. Company officials say that they plan to sell the remainder through more traditional real estate sales and marketing efforts. 

Company officials are also trying to "activate" the space at UTC by paying artists to display their work inside the windows of the vacant retail spaces which line the plaza and streets of the development.

s November 01, 2012 at 12:59 PM
This is great news. They are really cool buildings and the best location. Too bad Whole Foods is not going in at the delayed building where the parking lot is now on 410. Much better spot for it. I wonder if the UTC developers tried to get Whole Foods there. It's taking time but UTC is a welcome addition to the neighborhood. But we really need to get the thug-life criminal element out of the area. It scares people off. One of those good for nothings stabbed someone in front of the movie theater about a year or so ago. Ugh. People spend millions trying to improve an area but the trash still blows in.
HyattsvilleCouldBeBetter November 01, 2012 at 02:00 PM
There are some empty storefronts, but Carolina Kitchen is great (Especially their jerk chicken sandwich). Love Q'doba. The movie theater is nice too. Maybe they should get a license to serve alcohol and spice things up with some less traditional food and Indie films, sort of like Landmark's E st. Cinema. They really need to provide FREE PARKING in the front with easier access into the lot. There is no reason they should be charging for parking. Just add a 2 hour limit during the day. They need this in order to compete with other new developments like The Varsity and View 2 in CP and Arts District. Congrats on the people who scored good deals on these condos.
s November 01, 2012 at 02:36 PM
Yes I agree the pay to park is just dumb. It's a deterrent to go there. I think the idea came from the footloose and high flying pre-economic Armageddon days when the city/developer thought the place would take off.
Shani November 01, 2012 at 04:34 PM
It's a great development which hasn't yet lived up to its potential and I think investors who buy now will be very happy they did. I don't understand the complaints about parking at UTC, although I've heard them from lots of people. It's free if you're there for under two hours. I find that's plenty of time for a meal, or events (Spookyfest, summer concerts), or to visit the splash fountain in the summer. The only times I've been there long enough to have to pay it's because I've gone to see a movie, in which case I get my parking validated and parking costs me a dollar.

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