Owings Mills, Md. (May 13, 2013) — At Laurel’s Mayor & City Council meeting, Greenberg Gibbons, in partnership with Somera Capital Management and AEW Capital Management, announced that four retailers have signed leases for its new Towne Centre Laurel, the $130 million redevelopment of the existing Laurel Mall site. The company also revealed the construction schedule for the highly anticipated project.
The tenants that will join Towne Centre Laurel include:
- Regal Cinemas, a 50,507-square-foot movie theater featuring state-of-the-art digital projection.
- Harris Teeter, a leading regional supermarket chain. Its new location at Towne Centre Laurel will be 49,002 square feet.
- Sports Authority, a 33,458-square-foot sporting goods store, carrying high-quality apparel, footwear, accessories and equipment.
- Burlington Coat Factory, a leading off-price apparel and home product retailer offering a wide assortment of brand name merchandise. The retailer, which was an anchor at the former Laurel Mall, will reopen in an upgraded 64,964-square-foot store.
Greenberg Gibbons and its partners also presented the timeline for turning Towne Centre Laurel into a reality. Projected milestones for the project’s development include:
- May 2013: Site work starts
- June 2013: Construction of phase 1 of retail space begins
- July 2013: Demolition of the existing Burlington Coat Factory store concludes
- November 2013: Harris Teeter’s pad site delivers
- November 2013: Construction of phase 2 of retail space begins
- February 2014: Shell of phase 1 retail is complete
- March 2014: Residential construction begins
- April 2014: Phase 1 of retail opens
- July 2014: Shell of phase 2 retail is complete
- October 2014: Phase 2 of retail opens
- March 2016: Residential units are finished
“I’m excited that construction on Towne Centre Laurel is starting so soon, and looking forward to the lifestyle improvements and economic benefits it will bring to the Laurel area,” said Craig A. Moe, Mayor of the City of Laurel. “Greenberg Gibbons, Somera and AEW have been essential in keeping the dream of redeveloping the property alive and viable, after our city waited so patiently.”
Somera and AEW bought the former Laurel mall in 2006 and Greenberg Gibbons joined the revitalization project in 2011. Demolition began in August 2012. The 30+-year-old indoor shopping complex will see a vibrant new beginning as it transforms into Towne Centre at Laurel, a mixed-use destination with approximately 400,000 square feet of retail, dining and entertainment, as well as 435 residential units.
The project is ideally situated on Route 1 in the City of Laurel, Md., halfway between Washington, D.C and Baltimore, Md. The site is also five miles away from Fort Meade, which is experiencing tremendous growth due to Base Realignment and Closure (BRAC) plans.
“We’re thrilled to be moving forward so quickly on Towne Centre Laurel,” said Brian Gibbons, Chairman and CEO of Greenberg Gibbons. “This project will bring new life to the site, and our high-quality anchors will help attract more top-notch retailers and restaurants to a deserving community.”
Greenberg Gibbons has a proven ability to revitalize aging properties. At Hunt Valley Towne Centre, Greenberg Gibbons turned a “dead mall” into one of the Baltimore region’s premier shopping destinations with a “Main Street” feel that features shops, dining and entertainment. At Annapolis Towne Centre, the company turned an abandoned shopping center on 35 acres into an open-air, 2-million-square-foot, mixed-use development, winning multiple awards for innovative design and the national Phoenix Award for best practices in environmental remediation.
Somera is a boutique real estate investment firm with a diversified portfolio consisting of over 80 properties with an original cost basis of $1.9 billion dollars. AEW currently manages approximately $25.2 billion of real estate assets and securities in North America on behalf of many of the world’s leading institutional and private investors.