A private foundation operated by University of Maryland officials has leased several pieces of commercial real estate in College Park. UMD plans to use the commercial properties, which are valued at over $20 million, to open a string of restaurants, shops and apartments. The university foundation reportedly worked with the city to come up with a plan for the commercial real estate transactions.
Although UMD is ranked relatively highly for its academic offerings, the campus life is often criticized for being nonexistent. Both the campus itself and the city of College Park are said to be seriously lacking in amenities. In fact, many people believe that the absence of businesses in College Park is the reason only 3 percent of the faculty live there, and students rarely stay after they graduate.