TOWSON, MD - Development has begun on two buildings that will bring 470 new homes to the Towson town center. The redevelopment project replaces a 70-year old, 150-unit apartment complex with two four-story communities, tripling the site’s density.
The Winthrop, developed by Chesapeake Realty Partners and Wood Partners, will consist of 295 units. Lease-up will commence May 2014. A second phase, developed by Wood Partners and Taylor Property Group, will comprise 175 units. Delivery will follow The Winthrop. The communities will be operated separately, but their design is complementary.
Scott Zimmerly, Director of Wood Partners’ Mid-Atlantic Region, described Towson as one of Baltimore’s most vibrant submarkets and said the company is excited to bring its quality brand of luxury apartments to the area.
“We like Baltimore County for a number of reasons. Overall, it’s just a great place to live with lots of jobs,” Zimmerly said. “This site is right off the beltway, Interstate 695, and it’s only 15 minutes from Baltimore City. It’s also very close to several colleges and to Towson Town Center, the premier shopping destination in the metro area.”
“Our target renter will choose between living in Towson and downtown Baltimore,” said Lawrence M. Macks, Co-Chairman of Chesapeake Realty Partners, “and these communities will give them every reason to choose Towson.” Planned features and amenities for each community include controlled-access parking garages, fully-featured Resident’s Clubs, swimming pools, fitness centers, game rooms – all in environmentally-friendly “green” buildings.
Ross Taylor, Manager of Taylor Property Group, commented, “We are excited to be working with two strong partners in this terrific multi-family apartment project. My father and grandfather have developed other successful projects over the past fifty years with principals of the Chesapeake Realty Partners and we have developed an excellent working relationship with Wood Partners. We look forward to bringing a high quality product to this fantastic community.”
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. In 2011, it was ranked the nation's No. 1 multifamily developer with 3,750 unit starts.