TOWSON, MD--(Marketwired - Jul 31, 2013) - 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."
About Wood Partners
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. Through quality construction, respectable land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 40,000 homes with a combined value of more than $5.5 billion nationwide. Wood Partners has offices in 16 major markets nationwide including Atlanta, Baltimore, Boca Raton, Boston, Charlotte, Dallas, Denver, Houston, New York City, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, Washington, D.C. To learn more about Wood Partners, please visit www.woodpartners.com.
About Chesapeake Realty Partners
Chesapeake Realty Partners has been a leader in the Mid-Atlantic real estate market for more than 65 years. The company is actively engaged in all aspects of real estate development -- land acquisition; land planning and land development; construction and operation of residential rental communities; and construction and operation of retail properties. The diversity of activities within the organization has been a major source of its financial strength and stability. CRP is presently developing over 4,000 apartments in the Baltimore/ Washington area. To learn more about the company, visit www.chesapeakerealtypartners.com.
About Taylor Property Group
Taylor Property Group, and its affiliated entities in real estate acquisition and development have been family owned and operated for four generations. Projects have included award winning historic renovations in Ellicott City as well as building and operating the first LEED Silver certified commercial buildings in Howard County for retail and multi-family residential use. The principals have developed over 1,400 acres in Howard County, MD and manage a portfolio of several hundred thousand square feet of commercial and residential properties, primarily in the central Maryland area. Additional information is available at www.TaylorPropertyGroup.com, www.TaylorService.com, and www.TaylorVillage.com.
