Baltimore County News
CVS Pharmacy is coming to downtown Towson. The store will be at the center of downtown at Towson Commons, at the corner of York Road and Chesapeake Avenue. The more than 9,000 square foot store will include a full service pharmacy, and a wide range of high quality health, beauty and personal care products.
“Downtown Towson has many amenities – shopping, restaurants, entertainment and parks. But for those who live, work and visit here, what’s missing has been the convenience of a pharmacy and drug store,” said Baltimore County Executive Kevin Kamenetz. “CVS fills that need at Towson Commons. This is a prime retail location with a growing customer base. Over 3,000 new apartments and townhomes are built or under construction in downtown Towson.”
The new CVS Pharmacy is expected to open in fall 2016.
Retail-focused brokerage firm MFI Realty is the leasing agent for the 115,000 square feet of retail space at Towson Commons. “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.
"CVS will fill a need in downtown Towson, which is growing with new homes, restaurants and other businesses. It will occupy a long-vacant corner and help bookend the redeveloping Towson Commons complex,” said Councilman David Marks.
Downtown Towson has seen more than $1 billion in recent private investment, including more than 3,000 apartments and townhomes that have been recently built or are under construction. New residential projects include The Palisades, Promenade, Towson Green, The Flats at 703, Towson Mews, The Winthrop and Southerly Square, plus residential towers in the mixed-use Towson Row development.
More than 55,000 people live in greater Towson, with over 48,000 people working at companies including GBMC, General Dynamics, Goucher College, MileOne, Sheppard Pratt, Stanley Black & Decker, Towson University, University of Maryland St. Joseph Medical Center and Whiting Turner.
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.
Revised April 6, 2016