Towson University To Buy Downtown High-Rise For $7.5M

TOWSON, MD — Towson University is eyeing the Charles Schwab building in downtown Towson to house some of its administrative offices. Buying the high-rise would create more space for academic programs and student centers on campus.

The university is requesting $7.5 million from the Maryland Board of Public Works to buy the building at 401 Washington Avenue.

There is a 300,000-square-foot shortage of space on campus, according to Towson University's latest analysis. The 12-story building on Washington Avenue would house administrative offices, a decision the university's board of regents approved at its June 21 meeting.

Because Towson University is part of the University System of Maryland, it is requesting funds from the state to support the purchase.

The Board of Public Works — which oversees finances for the state and consists of the governor, state comptroller and treasurer — will consider the proposal at its July 3 meeting.

"This isn't replacing the admin building," Towson University spokesman Sean Welsh told Patch. "We're [proposing] moving some administrative offices, but not the entire administration" to Washington Avenue.

"The shortage of space will not be solved by acquisition of the property," Welsh said. "The key for us in this is that buying this is more cost-efficient."

Owning the building on Washington Avenue would allow Towson to save money by replacing its lease at One Olympic Place with another at a lower cost that would immediately provide 60,000 square feet, according to the proposal.

Also on the agenda for the board's July 3 meeting is $65.1 million for construction of the new science building at Towson University along York Road. When complete by August 2020, the building will be the largest on campus.

"Through new construction like the science building, expansion of University Union and rededicated use of space, we’re exploring all options to expand," Welsh said.

He noted the university's lease of the Towson Armory, also on Washington Avenue, for workforce development, entrepreneurship, community engagement and continuing education programs.

Towson University, which has grown in recent years, has an enrollment of more than 22,000 students. It is the second largest university in the University of Maryland System, surpassed only by the University of Maryland College Park, which has more than 30,000 students.

RELATED:

• Towson Armory To House University's New Uptown Offering
• Former Towson Marriott Transforms Into Residence Hall