Leaders of the University of Maryland’s Discovery District announced this week that they have a development agreement in place to bring a five-acre, innovation-focused neighborhood to College Park.

Terrapin Development Company and the university signed an agreement with real estate company Brandywine Realty Trust to develop the $300 million project. As it takes shape in the coming years, the development will mean a new area to live and work: It will include 550,000 square feet of new workspace for research, offices, collaboration and retail, as well as 200 to 250 multifamily residential units.

It’ll be the next addition to the 150-acre innovation district adjacent to the state’s flagship campus, which puts tech and innovation at the center of plans to create an economic hub for the region around the university. Well-known companies, startups and entrepreneurs have taken space in the District, working in close proximity to researchers and students from the university. Following separate development over the last several years in spaces like the Diamondback Garage and 4600 River Road, the Discovery District community already includes soon-to-go-public IonQ, cyber and data companies Immuta and Cybrary, as well as spaces like WeWork and Capital One’s tech incubator, among others.

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