LAUREL, MD. — A partnership between Greenberg Gibbons, Somera Capital Management and AEW Capital Management has begun construction on Towne Centre at Laurel, a $130 million mixed-use development at the site of the existing Laurel Mall site in Laurel. The joint venture is demolishing the 31-year-old mall to make way for the open-air center, which will feature 400,000 square feet of retail space and 435 residential units.
“It’s exciting to begin transforming this property into a first-class destination,” says Brian Gibbons, chairman and CEO of Greenberg Gibbons, a retail and mixed-use developer operating in the Baltimore-Washington, D.C., region. “The time is right to breathe new life into this prime location, making way for the kinds of high-quality retailers and restaurants that the Laurel community deserves.”
Town Centre at Laurel will include a grocery anchor, sporting goods tenant, movie theatre and other merchants and restaurants in a Main Street setting.
Greenberg Gibbons has managed Laurel Mall for more than a year and had been creating plans for its redevelopment during that time. The developer was also finalizing the partnership between Somera and AEW as well. Greenberg has developed similar mixed-use destinations such as Hunt Valley Towne Centre and Annapolis Towne Centre.
“This new center will serve not only as a community focal point and meeting place, but also as an economic boon to our city, creating more than 1,500 jobs and renewed interest in this area,” says Craig Moe, mayor of Laurel.
The City of Laurel is situated halfway between Baltimore and Washington, D.C., and five miles away from Fort Meade. The military base is experiencing growth due to Base Realignment and Closure, or BRAC, plans.
Moe continues, “It’s a great day for the Laurel community as our longstanding dream to makeover the mall has finally become a reality.”
— John Nelson