Greenberg acquired the long-vacated Parole Plaza in 2004, spending $27 million on the 33-acre property. The 500,000-sf open-air shopping center was developed about five decades ago, but its doors were shuttered in the mid-90s.
Greenberg demolished the building in July of 2004. As detailed at that time, the plan called for the creation of 600,000 sf of retail space, 120,000 sf of office space and a 900-unit residential segment of condominiums and apartments. Bozzuto, K. Hovnanian Homes and Sturbridge Homes have all committed to developing residential units at Annapolis Towne Centre. Bozzuto has plans for a 200-unit high-rise apartment building with two-stories of lower-level retail space. And two national retailers have committed to opening locations in anchor positions at the mixed-use development. Target will occupy a 140,000-sf space, while Whole Foods market will open the doors to a 75,000-sf store.
"Annapolis Towne Centre at Parole is about to emerge from its hibernation and is a sleeping giant that is ready to rise," Greenberg chairman Erwin L. Greenberg says. "We have invested a great deal of energy listening to the concerns and desires of local residents, and we have integrated many of their ideas into our comprehensive plan." The new development is scheduled to reach completion in 2008.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
