Metro board members will consider a development plan Thursday that would allow new apartments as well as office buildings or hotels to be constructed at the College Park Metro station near the University of Maryland.

The project has been in the works since at least 1999 and almost came to fruition when the agency and developers agreed to terms in 2005.

But there was uncertainty about where exactly a future Purple Line connection might be added and shortly thereafter the economy fell apart, killing the deal.

With Washington real estate back on the upswing — and cranes dotting Route 1 nearby — Metro’s real estate team has revived the project and proposed selling the parking lot between the train tracks and River Road to a team led by two developers, Fairfield Residential, based in San Diego, and Manekin, a firm with offices in Columbia and Baltimore.

The developers would build an apartment building on the southern end of the site and either more apartments, offices, hotels or a mix on the northern end depending on the real estate market.

Under the proposed agreement, Metro’s staff says the deal would preserve Metro’s parking garage for commuters and set the stage for a connection the Purple Line. Staff wrote that the project could increase ridership at the station — which is more than a mile from the center of campus — and “serve as catalyst for development” of the area.

The price the developers pay to Metro for the land would be determined by appraisers and would require separate approval by the Metro board. Some of the money would go toward construction of a slightly larger bus loop, and the rest would be in cash.

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