Greenberg Gibbons announced today that it has been selected to form a new joint venture with Somera Capital Management and AEW Capital Management to assume management and leasing responsibilities for the Laurel Mall, and create a comprehensive redevelopment strategy for the shopping center that will meet the community’s future needs.
The existing Laurel Mall is a 31-year-old, indoor shopping complex, comprised of more than 650,000 square feet of retail space, and anchored by Macy’s and Burlington Coat Factory. The center is ideally situated on Route 1 in the City of Laurel, Md., halfway between Washington, D.C and Baltimore, Md. The mall is also five miles away from Fort Meade, which is experiencing tremendous growth due to Base Realignment and Closure (BRAC) plans.
Under terms of the agreement, Greenberg Gibbons will manage and lease the existing mall, while creating plans to revitalize the site into a vibrant, new mixed-use destination with retail, dining, entertainment, and residential housing.
“Greenberg Gibbons is one of the region’s top development companies with the vision, local presence and proven credentials to make the Laurel Mall revitalization a reality,” said David Brown, President and CEO of Somera Capital Management. “We are excited to have them on board as a development and financial partner.”
“This is a great redevelopment opportunity right in our own backyard and we know this project well,” said Brian Gibbons, Chairman and CEO of Greenberg Gibbons. “We have earned our reputation by delivering on our promises and making things happen. We are ready to roll up our sleeves and get to work.”
In response to the announcement, Mayor Craig A. Moe of the City of Laurel responded, “I have personally visited Annapolis Towne Centre, Edgewater Village Center, White Marlin Mall and Hunt Valley Towne Centre and know firsthand what Greenberg Gibbons did to turn those troubled properties into vibrant community assets. Laurel residents deserve a project of that same high caliber, and we need this to be a catalyst for economic growth and jobs for our city.
I look forward to the City’s partnership growing with Greenberg Gibbons.”
“I am excited about the prospects for this project,” said Prince George’s County Executive Rushern Baker. “Greenberg Gibbons has an excellent reputation for revitalizing properties like the Laurel Mall, and I have high hopes that this venture could generate renewed economic interest in this area.”
Greenberg Gibbons’ recent projects demonstrate its 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.