Owings Mills, Md. (March 27, 2012) — Results of an Economic Impact Study show that the proposed Foundry Row—a 52-acre, $140 million mixed-use development at the former Solo Cup manufacturing plant—would serve as a retail catalyst and create significant new economic development and job opportunities for the greater Owings Mills community and Baltimore County. The study was conducted by Anirban Basu of the Sage Policy Group, an expert on the region’s economy.
“Turning the vacant Solo Cup factory into Foundry Row is a game-changer for Owing Mills,” explained Basu. “This project fits the county’s stated growth plans, Wegmans is a magnet that will attract great customers and other quality retailers, and the jobs and taxes generated will create a positive ripple effect on the entire local economy.”
The vision for Foundry Row is to create a vibrant new gateway to the Owings Mills business core. With a Wegmans grocery store as its lead anchor, the development would total 385,000 square feet of retail and include a national fitness anchor, a sporting goods anchor, upscale shops and restaurants, as well as 40,000 square feet of office space.
Key findings of the Sage Policy Group study show:
- Foundry Row will be a $140-million investment in the Owings Mills community.
- The development and construction phase of the project will support 2,300 full and part-time jobs in Baltimore County.
- The construction phase of the project will also support $264 million in sales of goods and services by county businesses.
- The project will generate tax-related fiscal impacts, totaling $2.7 million for Baltimore County and $6.9 million for the state of Maryland during construction.
- The project will permanently support nearly 3,100 Baltimore County jobs with an associated annual income of $144 million.
- Foundry Row will annually support $447 million in sales of goods and services among county businesses.
Annual fiscal benefits of the project for Baltimore County are estimated at $4.8 million. The state of Maryland is expected to receive $8.2 million annually in tax receipts as a result of the project’s operations at full build-out.
“This study, the separate analysis done by Wegmans, and the intense retail interest in Foundry Row already evident, confirms our belief that Owings Mills is a highly underserved retail market and that this is the right type of project, at the right place, at the right time,” said Brian Gibbons, Chairman and CEO of Greenberg Gibbons, the project’s developer in conjunction with another local firm, Vanguard Equities. “The local retail market has been dormant for more than a decade, and this project will be a catalyst to kick start and revitalize the area. We’re ready and Wegmans is ready to make it happen.”
Although Foundry Row must wait for zoning approval from Baltimore County, Greenberg Gibbons plans to demolish the vacant 1.8-million square-foot Solo Cup factory this spring and begin site work for the new development.