RPAI And AvalonBay's Towson Circle Redevelopment to Begin Next Year
Work on a residential high-rise with ground-floor retail at Towson Circle will begin next year and create a new look for Joppa Road.
In a Q1 investor presentation, owner Retail Properties of America (RPAI) says it will begin work on a Towson Circle mixed-use redevelopment in 2017 and the scope will include “monetization of air rights,” or the right to develop the vertical space above a property.
The goal is to activate the area around Towson Circle by adding apartments to the project and bringing the underground retail from Joppa Road to street level, says AvalonBay Communities development director David Bookhout (snapped above at a Bisnow event).
The densely populated suburb is home to the Baltimore County seat, Towson Town Center mall and Towson University. It's also home to a number of active developments, including several new apartment complexes and the Whole Foods-anchored mixed-use development Towson Row.
Pier 1 Imports closed its Towson Circle store earlier this year, though that is not related to the redevelopment, RPAI spokeswoman Kimberly Freely says. Trader Joe’s is moving its Towson Circle store to the Shops at Kenilworth (pictured), opening Q1 of next year.
While earlier plans called for a 400-unit apartment building and hotel, RPAI’s spokeswoman couldn’t say how many units are included in its current plan and whether a hotel is still part of the redevelopment.
The Illinois REIT also owns adjacent retail property Towson Square, which it purchased last year from The Cordish Cos for $40.5M. The downtown Towson project is anchored by a 15-screen Cinemark Theatre and includes several national and regional restaurants. The long-term plans involve integrating the two properties, RPAI COO Shane Garrison said in a statement.