Developers Making Progress with Towson City Center Makeover

When crews began tearing out windows from the old Investment Building, some confused drivers called Baltimore County government, believing that a new building had actually gone up.

It's hard to blame them. The building, which once housed state and county employees, has been largely deserted since 2001, so it's been a long time since it's attracted attention. But when its refurbishing is completed in 2012, the building, now named the Towson City Center, will be as good as new, its owners say.

Arsh Mirmiran, director of development for of Pikesville, led a tour of the building on Wednesday afternoon.

Caves bought the building in 2010 and started work on a $27 million facelift, which will see the once-drab exterior replaced with blue, reflective windows and empty floors replaced with new tenants.

Only the concrete floors, steel frame and the elevators from the old building remain.

"Effectively, it's a brand-new building," Mirmiran said.

The building has a troubled past, since workers there 10 years ago complained of mold and breathing difficulties. But with the building stripped down to concrete and steel, Mirmiran said, "Anything that could have even be construed to have mold has been taken out and replaced." 

The 12-story City Center overlooks the Towson roundabout, and on a good day, you can see the Inner Harbor and the Francis Scott Key Bridge from the top floor.

Mile One Automotive and are among the lead tenants for the City Center, and Caves Valley will move its offices into the building's top floor. Mile One will take the rest of the top three floors, and Towson University will use four floors , along with some plaza-level space for its Wellness Center and .

Mirmiran said an upscale restaurant and specialty retailer will also be among the tenants when the 155,000-square-foot building reopens. Up to 600 employees could be based in the City Center when it is fully leased.

"What you're seeing is a half-billion dollars' worth of investment in Towson in the last five years," County Executive Kevin Kamenetz said, pointing to other projects like the Palisades and Promenade apartment complexes. "That will bring new companies to Towson and provide for more foot traffic, which is also the key to garnering more spinoff activities at other businesses."