Baltimore County News
115,000 Square Feet of Retail Space in Downtown Towson
Towson Commons Retail LLC, a local investment group consisting of affiliates of MFI and Woodmont Properties II, LLC, has purchased the retail portion of Towson Commons, adding to the more than $1 billion in recent private investment to downtown Towson.
Local retail-focused brokerage firm MFI Realty is the leasing agent and is affiliated with the buyers of the 115,000 square feet of retail space along York Road and Pennsylvania Avenue.
“We are excited to see MFI and Woodmont Properties going big in downtown Towson,” said Baltimore County Executive Kevin Kamenetz. “This is an exciting moment for Towson Commons. We have the on-the-ground local expertise of MFI Realty and its large presence along the York Road corridor combined with the business relationships and insight of well-established real estate investment firms.”
A Mix of Amenities
“Towson Commons is in the heart of a prestigious retail market with pent-up demand. We envision a mix of amenities to serve the many different customers in downtown Towson—residents, students, professionals and destination shoppers alike,” said Michael Stoltz, director of leasing for MFI Realty.
The street front retail space for lease at Towson Commons is connected to a separately owned and renovated 231,000-square-foot Class A office tower anchored by General Dynamics Information Technology, a new 54,000-square-foot LA Fitness and an 887-space adjacent parking garage.
“MFI Realty is positioned to bring local market understanding to a long-neglected institutional-quality retail project at the center of Towson,” said Stoltz. “With all of the recent development in Towson, we are thrilled to bring a fresh new perspective combined with a modern reconfiguration of the ground floor retail at Towson Commons. We envision an eclectic mix. A white table cloth 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.”
"The time is right for these prime storefronts to come alive in downtown Towson,” said Kamenetz. “This will be the first time in a generation the Towson Commons retail spaces have been controlled by a local developer. We look forward to the first lease announcements.”
MFI Realty Brings Local Retail Expertise
One of the leading retail-focused brokerage firms in the Baltimore-Washington region, MFI Realty specializes in leasing, tenant representation, investment sales and mortgage brokerage. MFI Realty leases a portfolio of more than 45 retail properties, totaling over 4,000,000 square feet, and also represents a variety of tenants.
Over $1 Billion in Recent Towson Investment
With more than $1 billion in recent private investment, downtown Towson is a major destination for the Baltimore market. Projects include the new 15-screen Cinemark theatres and restaurants at Towson Square, 2,700 new downtown apartments and townhomes and the Towson City Center office tower, which houses 600 workers at Towson University programs and headquarters for MileOne Automotive and Remedi Senior Care. Under construction at York Road and Towsontown Boulevard is Towson Row, a one-million-square-foot mixed-use development with a Whole Foods Market, luxury and student housing, offices, a hotel and open public greenspace.
Award-winning Baltimore restaurant Nacho Mama’s plans to open a second location in downtown Towson. The 6,700 square foot Tex-Mex restaurant will be located at York Road and Pennsylvania Avenue and will feature casual seating, outdoor tables, a welcoming bar and private dining space.
“Baltimore County welcomes Nacho Mama’s to Towson with a big ‘Hola, Hon.’ Nacho Mama’s mixes Tex-Mex fun with the King of Rock and Roll and turns it into a uniquely Baltimore restaurant,” said Baltimore County Executive Kevin Kamenetz. “It’s great to have a local Canton favorite adding to downtown Towson’s mix of restaurants, shops and entertainment.”
Second Location for Popular Canton Restaurant
“Opening a second location is an exciting part of our story and in true Nacho Mama’s fashion, we will continue to celebrate Baltimore’s cheeky culture,” said Jackie McCusker, restaurateur and owner, Nacho Mama's. “It has always been our dream to put a Nacho Mama’s into a county location and we are thrilled it’s going to be in Towson.”
“We pride ourselves on large portions of great food, using fresh ingredients,” said Phil Gelso, restaurateur and owner, Nacho Mama's. “Folks will be able to enjoy all of the favorites they’ve grown to love on our Canton menu along with daily specials. It’s going to be an exciting opening and Jackie and I can’t wait to show you our new space.”
Pending a liquor license transfer hearing and kitchen and building renovations, Nacho Mama’s plans to open its Towson restaurant in 2016.
Adds to $1 Billion in New Downtown Towson Investment
Downtown Towson has seen more than $1 billion in recent private investment, including over 2,700 new apartments and town homes built or in development; Towson Row, a mixed-use development featuring offices, apartments, a hotel, and Whole Foods Market; the Towson Square entertainment center anchored by Cinemark Theatres; and the Towson City Center office tower with companies employing over 600 people in the heart of downtown Towson.
Baltimore County Executive
One of the great pleasures as Baltimore County Executive is the opportunity to share great news that will have a positive impact on everyone living in our County. I just had the pleasure of unveiling Towson Row, a $300 million development project at the southern gateway to downtown Towson.
There are a lot of things I particularly love about this announcement. First, this is truly a transformational private investment in downtown Towson and in our County. The offices, apartments, student housing, hotel, shops, restaurants, an upscale grocery with plenty of parking will truly transform our County seat into a vibrant downtown center.
It’s a bit difficult to visualize where all this development fits into downtown Towson. Towson Row will be bounded by York Road, Towsontown Boulevard, Chesapeake, Susquehanna, and Washington Avenues. Right now, there are mostly older office buildings and parking lots on these five acres, but since they sit behind other buildings, it’s a bit hard to see from the major roads. But don’t worry, once the project is built, you won’t be able to miss it! You’ll start to see construction in 2015.
Second, Towson Row will be developed, owned and managed by Caves Valley Partners. This is the team that transformed the former Investment Building at the Towson traffic circle into the gleaming, fully leased Towson City Center. Caves Valley Partners is based in Baltimore County and brings development expertise and success, plus a vision and commitment to excellence from a team that lives and works here.
Third, Towson Row is $300 million in private sector investment. This project will bring millions in new property tax revenue to Baltimore County, which will help us support public safety, public education, and restore our aging infrastructure, and help us continue to hold the line on income and property tax rates. It will also provide construction jobs and new employment opportunities.
Fourth, Towson has become a “hot spot” for new development. Over $600 million in private investment is taking shape in downtown Towson just in the past three years. We now add Towson Row to Towson City Center, residences at The Palisades and 101 YORK, and the Towson Square movies theatres and restaurants. Take a virtual video tour of new development in downtown Towson.
I’m pleased and proud to say “it’s Towson’s Time.”
Revised April 6, 2016