Greenberg Gibbons, developer of the Foundry Row shopping center in Owings Mills and The Shops at Kenilworth, has become a partner in the $350 million Towson Row mixed-use development started by Caves Valley Partners.
The two developers announced today that they have formed a joint venture to complete the development at a key southern entry point to Towson.
The site is a five-acre parcel bounded by York Road, Towsontown Boulevard, Washington Avenue and Chesapeake Avenue. The 1.2-million-square-foot project will include more than 100,000 square feet of retail, grocery and restaurant uses, 150,000 square feet of office space, 250 luxury high-rise residences, 300 student-housing units and a hotel.
Under the joint venture, Greenberg Gibbons and CVP will be co-developers of the project, with Greenberg Gibbons spearheading the retail, residential, student housing and hotel components, and CVP taking the lead on the office component. The team plans to begin construction by the end of 2017.
“We are excited to partner with CVP on this transformational landmark project and facilitate the vibrant revitalization of Downtown Towson,” said Greenberg Gibbons chariman and CEO Brian Gibbons in a statement. “We see tremendous opportunity to create a positive economic impacts while bringing exciting benefits to the community…We are confident that our joint venture has the experience, capital and commitment to move this project forward.”
“Greenberg Gibbons has a proven track record in executing complex, mixed use projects,” added Arthur Adler, a partner of CVP. “They are the perfect fit to help us create a vibrant community asset at Towson Row.”
But… But, there’s still bedrock under the site.