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ANNAPOLIS, Greenberg Commercial Corp., developer of the in-progress $400-million Annapolis Towne Center at Parole, has taken on a new minority partner to back the project. Petrie Ventures has stepped into the role that was formerly held by Freedman & Co. Real Estate Inc.

In a $25-million deal in March, Greenberg Commercial purchased the site, home to the Parole Plaza Shopping Center property that had sat vacant for a decade, and has since demolished the 1950s era mall to make way for the new 650,000-sf shopping center. Details on the reason for Freedman’s departure from the project were unavailable at press time.

“Petrie Ventures brings veteran leadership and a long history of successful retail development in Maryland and Anne Arundel County to this landmark project,” says Greenberg Commercial president and CEO Brian Gibbons. “They share our vision of transforming Annapolis Towne Centre at Parole into the premier mixed-use destination in the state, and the company is highly regarded and respected in the communities its serves. Their knowledge of the local marketplace, its integrity and its commitment to local neighborhoods add powerful elements toward the successful completion of this project.”

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