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TOWSON, MD-Plans for Towson Circle III, a proposed mixed-use development near Towson University, have moved forward with Baltimore County’s Development Review Committee’s recent preliminary approval of the project. Heritage Properties and the Cordish Co. are the developers behind the effort, which will cost an estimated $55 million to realize.

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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