Real Estate Journal — Owners, Developers & Managers — June 22 - July 12, 2018 — 23B
M id A tlantic
O wners , D evelopers & M anagers Gilbane Development Co. to build the student housing portion of mixed-use destination Greenberg Gibbons kicks off construction of $350 million Towson Row Project
OWSON , MD — Greenberg Gibbons held a construction kick-off celebration for Tow- son Row ― the $350 million mixed-use destination and new gateway to downtown Towson. The company also announced that it has select- ed Gilbane Development Company to build the stu- dent housing portion of the project and Shamin Hotels to develop the hotel. “Towson Row is the center- piece of downtown Towson’s transformation,” said Balti- more County Executive Don Mohler. “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.” Towson Rowwill be built on five acres between York Rd., Towsontown Blvd., Wash- ington Ave. and Chesapeake Ave. The 1.2 million s/f de- velopment will include over 100,000 s/f of retail/restau- rant space, 150,000 s/f of class A office space and 250 luxury high-rise residential units. Greenberg Gibbons is leading the development in joint venture with Caves Valley Partners . Gilbane, which has developed state- of-the-art student housing for over 120 colleges and uni- versities, will build 300 units student housing units for the project. Shamin Hotels, a hospitality industry leader that owns, operates and de- velops hotels under Hilton, Marriott, Intercontinental, Choice, Starwood and Hyatt brands, will develop the new hotel. “Towson Row will be a transformational project for this community and Balti- more County,” said Brian Gibbons, chairman and CEO of Greenberg Gibbons. “It will be a gateway to Tow- son, bridging downtown Tow- son to the university, and creating a new heartbeat and fresh energy right here in the center of this community.” Towson Row also brings significant economic ben- efits to the people of Towson, Baltimore County and the larger region. The project is anticipated to generate $220 million in annual business sales, create 5,500 jobs (2,000 permanent jobs and 3,500 construction jobs) and, when T
fully occupied, generate $92 million in annual employee compensation. At the kickoff celebration, Greenberg Gibbons also an- nounced that it has pur- chased and will adapt the historic armory building on Washington Ave. located adjacent to Towson Row. The current vision for this prop- erty is to create a multi-use, innovation hub that attracts creative and entrepreneurial enterprises. Over the coming months, Greenberg Gibbons will con- tinue to share updates on
the look and style of the development with the com- munity, as it simultaneously moves forward onmaking im- provements to surrounding roads, sidewalks and other infrastructure. The developer estimates that the hotel and student housing components, both of which will include retail, will be completed in summer/fall 2020. Celebrating 50 years of success, Greenberg Gibbons is one of the Mid-Atlantic re- gion’s premier developers of mixed-use, town center and retail properties.
Greenberg Gibbons held a construction kick-off celebration for Towson Row.
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