LAUREL, MD—Atlanta-based Wood Partners is quickly moving forward to monetize its purchase of a 5.24-acre site it made last month from the former owner of the adjacent Towne Center at Laurel.

The company has announced it will develop a 340-unit luxury apartment next to the center. Wood Partners purchased the site from the then-owner Greenberg Gibbons Commercial for about $8.5 million.

Wood Partners will be the general contractor of the four-story community, which will be 640,000-square feet wrapped around a 555-space parking garage and outdoor courtyards. It is scheduled to deliver in summer of 2017 with leasing to begin earlier that year.

The Towne Center at Laurel has also traded, a bit earlier than Wood Partners' entrance on the scene. An affiliate of UBS Realty acquired the 387,041-square foot center from the JV owners/developers, which included Somera Capital Management, Greenberg Gibbons and AEW Capital Partners.

They redeveloped the former Laurel Mall for about $130 million, leasing up the once flagging retail center with such names as Harris Teeter and Regal Cinemas. Phase 2 delivered last year.

Instant Insights /

Towne Centre at Laurel Adds Residential to the Mix

Related Stories

Recommended For You