Treasury’s Money-Printing Agency to Leave DC for Prince George’s County

Agency will build a $1.4 billion facility in Beltsville, Md.

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The U.S. Bureau of Engraving and Printing (BEP) will be printing money in a new home.

The U.S. Department of the Treasury agency will leave its longtime production center at 301 14th Street SW in Washington, D.C., and set up shop at a 1 million-square-foot, $1.4 billion facility in Beltsville, Md., Maryland Gov. Larry Hogan announced Wednesday.  

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The 104-acre site, located at the U.S. Department of Agriculture’s Beltsville Agricultural Research Center in Prince George’s County, was transferred to the U.S. Treasury, which will develop a new state-of-the-art and environmentally conscious production facility to print paper currency and other federal security products.

The plan to move the printing facility to Beltsville had been in the works since 2019, and the transfer of the property was the latest step in the process.

“Learning that the land has been transferred is another step in the right direction for moving this project forward. We look forward to seeing the bureau and its hundreds of employees call Maryland home,” Hogan said in a statement.

The project is currently in the design stage, with design development expected to be completed by summer 2023, according to the governor’s office. Construction of the new facility, managed by the U.S. Army Corps of Engineers’ Baltimore District, is slated to be finished by early 2027.

BEP has been in its current home since 1914. At present, 1,400 people work in the building, and 850 workers are expected to work on site at the new location, with 600-plus people working remotely.

“Maryland is the perfect location for BEP’s new production facility,” Mike Gill, Maryland’s commerce secretary, said in a prepared statement. “This Beltsville site will provide the convenience the BEP needs to increase its production and advance its manufacturing process, while providing a quality workplace for its employees.”

Keith Loria can be reached at Kloria@commercialobserver.com.