PETRIE VENTURES JOINS Greenberg Gibbons Commercial IN RE-DEVELOPMENT OF ANNAPOLIS TOWNE CENTRE AT PAROLE
Annapolis-based development company joins in effort to create $400 million project featuring mix of office, retail, residential and hotel uses
Owings Mills, MD (October 18, 2004) – Greenberg Gibbons Commercial Corporation has announced the addition of Petrie Ventures to its development team working to create the new $400 million Annapolis Towne Centre at Parole. Formerly known as Parole Plaza, Greenberg Gibbons Commercial, through its joint venture with Prudential Real Estate Investors (PREI), purchased the property, located near the intersection of West Road, Riva Road and MD Route 2 near Annapolis this May and initiated demolition activities over the Summer.
Petrie Ventures, a retail development company based in Annapolis, replaces Freedman & Company Real Estate, Inc. of New Jersey, as a minority partner of the project. Chaired by Walter Petrie, the company has been involved with fourteen retail projects throughout Maryland, comprising more than five million square feet of retail space. This includes five projects in Anne Arundel County and the recent renovation of Glen Burnie Mall into the Centre at Glen Burnie, which is anchored by Target.
“Petrie Ventures brings veteran leadership and a long history of successful retail development in Maryland and Anne Arundel County to this landmark project,” stated Brian Gibbons, President and CEO of Greenberg Gibbons Commercial. “They share our vision of transforming Annapolis Towne Centre at Parole into the premier mixed-use destination in the State, and the company is highly regarded and respected in the communities its serves. Their knowledge of the local marketplace, its integrity and its commitment to local neighborhoods add powerful elements toward the successful completion of this project,” he added.
Developed in the late 1950s, but vacant and unused for the past twelve years, the former Parole Plaza is recognized as the second oldest retail venue in the State of Maryland. The property consists of approximately thirty-three acres and was originally developed as an open-air mall with major retail tenants. The final design will contain approximately 650,000 square feet of retail space, 90,000 square feet of office space, a full-service hotel and 900 residential units. Construction is slated to begin in Summer 2005.
“This highly-visible project represents a unique and welcome opportunity for the company, and we are honored to help deliver the type of project that our hometown of Annapolis has been waiting for and deserves,” said Walt Petrie Chairman of Petrie Ventures.
“We look forward to Petrie Ventures playing an active and vital role in the long-term development of Annapolis Towne Centre at Parole, given the various complexities of this Towne Centre project,” stated Greenberg, Chairman of Greenberg Gibbons Commercial. “The company’s experience, resources and track record will prove invaluable as we make important development, leasing and marketing decisions throughout the process,” he added.
Greenberg Gibbons Commercial is one of the most active developers in Maryland today. In addition to numerous developments located in Maryland, Virginia and Florida, the company is currently redeveloping Hunt Valley Towne Centre, a 900,000 square foot project formerly known as Hunt Valley Mall in Northern Baltimore County; Westminster Crossing, a 225,000 square foot center located in Carroll County and Burwood Village Center, a 116,000 square foot center positioned in Anne Arundel County. All three retail projects feature the addition of major anchor stores to their respective markets, including the first Maryland location for Wegmans Food Market, the highly regarded, upscale 140,000 square foot food market at Hunt Valley Towne Centre.
Greenberg Gibbons Commercial, founded in 1968, focuses on the acquisition, development, leasing and management of mixed-use properties and retail shopping centers in the Mid-Atlantic region. The firm builds value in these holdings through asset management, re-development and leasing activities.
For additional information, contact:
Brian Gibbons, Greenberg Gibbons Commercial Corporation 410-559-2500 Larry Lichtenauer, LH&A 410-833-6205
