As for funding, the Heritage-Cordish team will provide $42million of the development costs. Cordish is expected to handleleasing activity upon the project's completion.

Towson Circle III is slated to be developed on a four-acreparcel encircled by E. Joppa Road, E. Pennsylvania Avenue, VirginiaAvenue and Delaware Avenue in Downtown, just six miles outside ofBaltimore. The proposal calls for a 600-bed dormitory toaccommodate Towson students, a 56,000-sf restaurant, 8,000 sf ofretail space, and parking facilities to accommodate more than 700vehicles.

Towson University is presently home to approximately 16,600students, 11,500 of which are full-time undergraduate students. Thenew project will sit just a stone's throw away from Towson Circle,a $35-million retail redevelopment property that Heritage andCordish completed in 2002. If all goes as planned, Towson SquareIII could be ready for business and occupancy in 2007.