With Toll Brothers purchase, Knox Box students face eviction

The Toll Brothers Inc. has closed a deal to acquire an aging off-campus apartment complex steps from the University of Maryland, College Park, and is moving forward with its plans to replace it with a mix of retail and 400 units of student housing.

Tenants of the Knox Box apartments have until Nov. 30 to move out of the buildings, which will be demolished to make way for the development of mixed-use apartment complex Terrapin Row, according to an email sent to all residents on Monday.

Nearly all of the Knox Box units will be demolished, according to the economic development office of the city of College Park.

Toll Brothers initially planned to begin razing housing units this summer, but the Knox Box leases include a 90-day termination clause.

While tenants have until the end of November to move out, Toll Brothers wants students to terminate their leases sooner so the demolition can begin. To speed along the process, students were offered gift cards ranging between $500 and $750 for moving out before the deadline, according to the email from Greystone Asset Management.

Toll Brothers hired Greystone to help with the transition. Its email reads:

“Residents who choose to terminate their leases prior to moving in or who are currently in occupancy and move out by August 17 will receive a $750 Visa gift card. Residents who move out by August 31 will receive a $500 Visa gift card. Residents who choose to stay at Knox Box past August 31 may be moved to alternative units on the property to help accommodate the process.”

Terrapin Row, expected to open in fall 2016, will include more than 400 student housing units on the 6.2-acre property. The development will be a mix of apartments and townhouses and will include between 11,909 and 12,325 square feet of retail, along with a pool and fitness areas. The property is within short walking distance of the University of Maryland campus.

The College Park City Council unanimously approved the site plan in October 2013, and the Prince George’s County Planning Board approved it in November 2013.