Business & Tech
Towson Commons Ownership Changes
The retail portion of building on York Road and Pennsylvania Avenues is now under local ownership.
A local investment group has purchased the retail part of Towson Commons, Baltimore County government officials announced Tuesday.
Located on York Road at Pennsylvania Avenue, Towson Commons is connected to a parking garage, the LA Fitness gym and a separate office tower.
The new owner of the 115,000 square feet of retail space within Towson Commons is a joint venture between commercial property specialists MFI Realty and Woodmont Properties II called Towson Commons Retail LLC.
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MFI Realty, based near Mount Washington, reported that it plans to reconfigure the ground-floor retail space at Towson Commons with a blend of offerings from restaurants to boutiques to national stores.
“We envision an eclectic mix...to serve the many different customers in downtown Towson—residents, students, professionals and destination shoppers alike,” MFI Realty Director of Leasing Michael Stoltz said in a statement. “A white tablecloth restaurant might be next to a local boutique; a place for students to stop, study and change up could be next to a destination national retailer.”
Find out what's happening in Towsonfor free with the latest updates from Patch.
The leasing agency reported it was “thrilled to bring...local market understanding to a long-neglected institutional-quality retail project at the center of Towson.”
Towson Commons reportedly opened in 1992 and has had a troubled time attracting business. The AMC Theater closed there in 2011, replaced by LA Fitness in 2014.
Discussions with the buyers began over the summer and culminated with the purchase in November, according to the Baltimore Business Journal. The price was $15.25 million, The Baltimore Sun reports.
The purchase was a big win for Towson and consumers, according to the county executive.
“This will be the first time in a generation the Towson Commons retail spaces have been controlled by a local developer,” County Executive Kevin Kamenetz said in a statement. “The time is right for these prime storefronts to come alive in downtown Towson.”
The announcement comes after the company that owns Towson Circle purchased Towson Square for $39.7 million as part of a redevelopment plan in November.
In addition, Towson Row is in development on 5 acres along Towsontown Boulevard, Washington Avenue and Chesapeake Avenue in downtown Towson. It will include student housing, a Whole Foods, hotel, restaurant and plaza.
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