HANOVER, MD. — Canyon-Johnson Urban Funds (CJUF) has provided $17.5 million in preferred equity to kickstart the development of a mixed-use project in Hanover. The capital will assist in the acquisition, re-zoning and pre-development of 122 acres of land that will be known as Oxford Square.
Balitmore-based Preston Partners developing the project, which will consist of 1.6 million square feet of space in three separate neighborhoods. Oxford Square will contain a mix of Class A residences, office space and community retail tenants. Approximately 2,250 parking spaces will serve residents, workers and shoppers. Preliminary plans also call for a school to be built on a 20-acre parcel.
“With such a substantial need for transit-oriented housing in Hanover, our investment in Oxford Square fits squarely with CJUF's priority to foster development in underserved communities,” said Bobby Turner, managing partner of CJUF, in a statement.
The Oxford Square site is less than a quarter-mile from a Maryland Area Regional Commuter rail platform, and the project will be closely integrated in the public transportation system. The site is also 5 miles from Balitmore Washington International Airport and 6 miles from Fort Meade, which is seeing an influx of new civilian and military personnel as a result of the Base Realignment and Closure process. The Oxford Square site is also 10 miles away from the Washington, D.C., Beltway.
Canyon-Johnson Urban Funds is a joint venture between Canyon Capital Realty Advisors and Magic Johnson Enterprises, which is owned by Earvin “Magic” Johnson. The private real estate fund focuses on the development of properties in underserved urban areas.
— Coleman Wood