Greenberg Gibbons Builds $350M Mixed-Use Project in Baltimore
- Jun 11, 2018
Greenberg Gibbons takes a big step toward realizing a long-held vision for the creation of Towson Row, a mixed-use development in downtown Towson, Md., as it commences construction on the 1.2 million-square-foot property. Gibbons is joined by Caves Valley Partners on the $350 million project, which will sprout up on five acres less than 15 miles outside Baltimore.
“Towson Row will be a transformational project for this community and Baltimore County,” Brian Gibbons, chairman & CEO of Greenberg Gibbons, said in a prepared statement.
Upon completion, Towson Row will be a true live-work-play destination offering 250 luxury residential units; a 150,000-square-foot office tower; and 100,000 square feet of retail space anchored by a 45,000-square-foot Whole Foods. The property will also offer a 300-unit student housing component and a hotel, which, as Greenberg Gibbons just announced, will be developed by Gilbane Development Co. and Shamin Hotels, respectively.
“It will be a gateway to Towson, bridging downtown Towson to [Towson] University, and creating a new heartbeat and fresh energy right here in the center of this community,” Gibbons added. Local officials are on board, with Baltimore County having awarded $43 million in subsidies for the development of the project.
Greenberg Gibbons also has plans for a historic structure across from Towson Row. The company will spearhead the adaptive reuse of an armory building, potentially reinventing the structure as a multi-use innovation hub for creative and entrepreneurial businesses.
Hitting the restart button
The Towson Row site has been primed for construction since 2016, when demolition activity reached completion. However, the project hit a snag later that year when CVP—the sole developer at the time—discovered bedrock underground, bringing the endeavor to a halt. But in May 2017, Towson Row was reignited when Greenberg Gibbons stepped in as a joint venture partner, taking a 95 percent ownership stake in the development, according to a December 2017 statement from Wade Kach, a Baltimore County councilman.
In prepared remarks on the announcement of Greenberg Gibbons’ partnership with CVP, Gibbons said, “While there are obstacles to overcome and challenges ahead, we are confident that our joint venture has the experience, capital and commitment to move this project forward.”
With construction of Towson Row now underway, Greenberg Gibbons and CVP will proceed to hammer out details of the project’s style and commence relevant infrastructure work. The first segments of the development, the hotel and the student housing, are scheduled to deliver no later than the fall of 2020.
Image courtesy of Greenberg Gibbons