The Goldstar Group to Develop MD Mixed-Use Project
The company has acquired a 24-acre land parcel and a 49,000-square-foot warehouse, with plans to break ground in 2022.
FREDERICK, MD – The Goldstar Group has acquired 24 acres of land and a 49,000-square-foot warehouse building in Frederick, MD, with plans to develop a new, mixed-use project.
The new development is expected to break ground in 2022 and is expected to deliver in early 2024.
Located at 605 E. Church St., the development site is accessible via Interstate 270 and MD Rte. 85.
The single-story warehouse building was purchased for an undisclosed price from Frederick Health Hospital. The Goldstar Group is currently marketing the vacant asset for sale to an end-user; aiming to complete the disposition in Q1 2021.
The project serves as the Goldstar Group’s first real estate project within the Frederick area. The Bethesda, MD-based firm has developed more than $300 million in commercial real estate projects within the past decade, primarily within the Washington DC metropolitan area.
“We were attracted to the continued strength and momentum of the Frederick-area economy and we are evaluating the possibility of integrating a residential element to the plan,” states Michael Brodsky, CEO of the Goldstar Group. “This site has remained vacant for many years and we intend to develop a vibrant project that will continue the development of the eastern section of the city.”
