As for funding, the Heritage-Cordish team will provide $42 million of the development costs. Cordish is expected to handle leasing activity upon the project's completion.
Towson Circle III is slated to be developed on a four-acre parcel encircled by E. Joppa Road, E. Pennsylvania Avenue, Virginia Avenue and Delaware Avenue in Downtown, just six miles outside of Baltimore. The proposal calls for a 600-bed dormitory to accommodate Towson students, a 56,000-sf restaurant, 8,000 sf of retail space, and parking facilities to accommodate more than 700 vehicles.
Towson University is presently home to approximately 16,600 students, 11,500 of which are full-time undergraduate students. The new project will sit just a stone's throw away from Towson Circle, a $35-million retail redevelopment property that Heritage and Cordish completed in 2002. If all goes as planned, Towson Square III could be ready for business and occupancy in 2007.
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