JESSUP, MD-This week marks the start of renovation of the 172,000-sf retail locale formerly known as Eastgate Shopping Center. Property owner Atlantic Realty Cos., which announced its $4.5 million acquisition of the retail center just two months ago, plans to use the renovation as a vehicle for the conversion of the shopping center into a commercial condominium property with space for sale and lease.
The 22-year-old, two-building facility will emerge from the $9 million redevelopment endeavor as the new Columbia East Marketplace. Work is scheduled to be completed during the fourth quarter of this year.
"Our plans are to dramatically transform the property so that it will draw retailers and services that will truly make it an asset to the community," says Atlantic Realty president David A. Ross. He notes that one aspect that attracted Atlantic to the project is the ability to redevelop it in such a way that it "will provide small businesses the opportunity to more fully invest in the community they serve."
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