After several years on hold, a New Jersey-based developer is once again advancing plans for a multifamily development near the Downtown Largo Metro station in Prince George’s County.
Gateway Merchant Banking is planning a six-story residential building with 269 apartments and approximately 2,000 square feet of ground-floor commercial space. The proposed Largo Station development would occupy roughly 3.7 acres at the southeast corner of Largo Drive West and Harry S. Truman Drive, along the Blue Line corridor.
Gateway, based in Jersey City, originally submitted plans for the project in 2022. However, the development was delayed as the pandemic was followed by significant increases in construction costs, according to Terrence Murray, the company’s co-founder.
The project initially received approval from the Prince George’s County Planning Board through an expedited transit-oriented development process. But as construction costs rose substantially beyond Gateway’s original projections, the company decided to pause the project rather than move forward under unfavorable market conditions.
Murray said the company ultimately took a wait-and-see approach as developers across the region faced similar challenges, including higher construction costs and changing financing conditions. Gateway remained focused on the project while waiting for market rents to improve and construction costs to moderate enough to attract equity and debt financing.
The project’s original development approval expired in 2025. Gateway returned to the entitlement process earlier this year, submitting the same site plan for consideration.
In June, the Planning Board approved the project for a second time, clearing another key hurdle for the development.
Gateway is now targeting a groundbreaking within the next six months. If that schedule holds, Largo Station would add a significant new residential component to the area surrounding the Downtown Largo Metro station and further advance transit-oriented development along the Blue Line corridor.
Written by: Three E Staff
