TOWSON, MD. — Greenberg Gibbons has kicked off construction of the $350 million Towson Row mixed-use project in downtown Towson, about 10 miles north of Baltimore.
The 1.2 million-square-foot development will be built on a five-acre site bounded by York Road, Towsontown Boulevard, Washington Avenue and Chesapeake Avenue. Plans call for over 100,000 square feet of retail and restaurant space, 150,000 square feet of Class A office space, 300 student housing units, a hotel and 250 high-rise residential units.
Greenberg Gibbons is leading the development in a joint venture with Caves Valley Partners, an urban infill real estate developer based in Baltimore.
Gilbane Development Co. has been selected to build the student housing portion of the project, which will house students of nearby Towson University. Home to more than 20,000 students, Towson University is located in downtown Towson and is part of the University System of Maryland.
Shamin Hotels will develop the hotel, the brand of which has not yet been disclosed.
Towson Row is expected to generate $220 million in annual business sales, create 5,500 jobs (2,000 permanent jobs and 3,500 construction jobs) and, when fully occupied, generate $92 million in annual employee compensation.
At the kickoff celebration, Greenberg Gibbons also announced that it has purchased the historic armory building on Washington Avenue and plans to adapt the property into a multi-use, innovation hub for entrepreneurial enterprises.
Greenberg Gibbons estimates that the hotel and student housing components, both of which will include retail space, will be completed by the fall of 2020.
“Towson Row is the centerpiece of downtown Towson’s transformation,” says Don Mohler, Baltimore County executive. “With over $1 billion in new private investment in downtown Towson, more people are living here, more people are visiting here and more students are learning here.”
Owings Mills, Md.-based Greenberg Gibbons is a developer of mixed-use, town center and retail properties. The company’s portfolio includes more than 5.5 million square feet of existing and new development.
— Kristin Hiller