MAY 2024

M id A tlantic Real Estate Journal — Owners, Developers & Managers — May 2024 — 11A

O wners , D evelopers & M anagers

Construction begins on 110,000 s/f Maryland retail project MCB Real Estate and Generation Properties announce groundbreaking for Armory Square dev.

ALTIMORE, MD — MCB Real Estate announced that con- struction of Armory Square has officially begun. Located at 429 Solomons Island Rd. in Prince Frederick, MD, the highly anticipated 110,000 s/f shopping center will be an - chored by ALDI, Michaels, and Sneade’s Ace Home Center and offer dining, retail, con - venience, and service retail. The 12.5-acre project is one of several successful part - nerships between MCB and Generation Properties , a Calvert County-based com - mercial property management and development company. In May of 2024 the partnership announced the ground break - ing on The Shops at Fairway Village in Waldorf a $115 mil - lion mixed-use development.. Situated in affluent Calvert County, Armory Square will be built on the former site of Calvert Middle School and in addition to the anchors, will feature more than a dozen local and national retailers once fully leased. To date, 10 retailers have committed to leases, including Dash-In, First Watch, Jersey Mike’s, Hangry Joe’s, Always Ice Cream, Foster’s Grille, and Quickway Hibachi. As a growing bedroom com - munity for Washington, DC, Prince Frederick offers an ex - ceptional consumer profile for retailers. There are over 64,000 residents in a 10-mile radius with an average household income of nearly $170,000. Household retail expenditures in the surrounding area were an estimated $1.08 billion in 2023, the most recent assessment. The proximity to such a de - sirable consumer base is not the only coveted feature of Ar - mory Square. Calvert County’s commercial and development zoning laws concentrate com - mercial properties to desig - nated “Town Centers”. Only Dunkirk, Prince Frederick and the Lusby/Solomon’s Town Centers permit commercial developments of more than 25,000 s/f. As MCB principal Drew Gorman said, these zoning restrictions are actual - ly an asset for the County and for Armory Square’s future. “Prince Frederick’s zoning regulations and approval proto - cols, which include architectural approvals, allow us to develop a well-designed and amenity- filled retail shopping center B

in Calvert County,” said Gor - man. “Because of the high barrier to new development opportunities and the north, central and south positioning of the County’s Town Cen - ters , this area consistently maintains superior occupancy rates with strong retail sales performance. This makes Cal - vert County in general, and Armory Square specifically, a solid and reliable investment for many years to come.” MCB’s development part - ner on the project, Generation Properties,is known through - out the region for having a

steadfast commitment to the community. Armory Square is the latest in several de - velopments Generation has delivered that showcase the company’s devotion to thoughtful growth that has a positive impact across the region. Other properties in - clude the 101,000 s/f Shoppes at Apple Green in Dunkirk, and Market Square, 31-acre mixed-use development in Prince Frederick. Armory Square is centrally located within the northeast quadrant of MD Routes 2 and 4 and Dares Beach Rd. MAREJ

Armory Square

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