GREENBERG GIBBONS COMMERCIAL BEGINS DEMOLITION OF ANNAPOLIS TOWNE CENTER AT PAROLE
$400 million project with mix of office, retail, residential and hotel uses is first project invited to apply for “Priority Places” status by the State of Maryland
Owings Mills, MD (July 15, 2004) – With officials from the State of Maryland and Anne Arundel County, as well as regional business leaders looking on, Greenberg Gibbons Commercial Corporation officially initiated the demolition of the former Parole Plaza Shopping Center, to make way for the new $400 million Annapolis Towne Center at Parole. The Company, 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 in May of this year.
Developed in the late 1950s, but vacant and unused for the past twelve years, it 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.
“In French, parole means ‘word,’ and the community has Greenberg Gibbons Commercial’s word to create a thriving and energetic mixed-use asset that will become the prototype for all new town centers across the country,” stated Greenberg, Chairman of the Company. “Approximately thirty months from now, we intend to hold ribbon-cutting ceremonies for Annapolis Towne Centre, which will evolve into the jewel of Anne Arundel County.”
Greenberg Gibbons Commercial plans include the total demolition of the existing structures and implementation of an aggressive redevelopment program. This includes the creation of a Towne Centre, complete with a mixture of local, regional and national retail uses, service and entertainment tenants, along with for-sale and rental residential units, commercial office space and a full-service hotel.
Annapolis Towne Centre at Parole is the first project to be invited to apply for “Priority Places” status, a new program initiated by the State of Maryland that emphasizes the development of long-term solutions for community revitalization, resource conservation and refocused land use. Maryland Department of Planning Secretary Audrey E. Scott participated in the ceremony and called the project, “an excellent example of how the Priority Places strategy can work in an established area.”
Government officials and executives of Greenberg Gibbons Commercial donned hard hats and used ceremonial sledgehammers to make the first dents in the project’s parking lot, before a large wrecking crane ripped pieces from the center’s exterior facade.
“The wait is finally over,” stated Brian Gibbons, President and CEO of Greenberg Gibbons Commercial, alluding to the numerous false starts that previous development groups encountered in their effort to revitalize the project. “Annapolis Towne Centre at Parole will prosper under the direction and vision of an experienced developer with a keen awareness of the Anne Arundel County marketplace. Our comprehensive design will create an enticing atmosphere that will transform the project into one of the premier mixed-use destinations in Maryland,” he added.
In its heyday, Parole Plaza was considered the primary shopping destination for Anne Arundel County consumers throughout the 1950s, 1960s and 1970s. Previous plans by other development groups to demolish the project and make room for a new Wal-Mart store – as well as a blend of office, retail and residential uses -- never materialized and it has remained undeveloped for the past several years.
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 Town 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 Town 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
