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Date: Nov 24, 2017

Towson Row, a 1.2 million square foot mixed-use development at the southern gateway to downtown Towson, will be a significant economic engine for Baltimore County and the region, according to a study conducted by Sage Policy Group for the Baltimore County Department of Economic and Workforce Development.

  • The study projects that Towson Row will create 2,000 permanent jobs, plus 3,500 temporary construction jobs.
  • During the construction phase alone, Baltimore County will see $490 million in business sales and $185 million in labor income.
  • When fully occupied, the development will generate over $220 million in Baltimore County business sales each year, plus $92 million in annual employee compensation.
  • The study projects Towson Row will support more than $3.2 million in annual Baltimore County tax revenues by fiscal year 2022 and grow to more than $4.7 million a year by fiscal year 2040. Current annual property taxes on the undeveloped land are $145,000.

“The results of this study clearly demonstrate Towson Row’s tremendous employment and economic impact, not only for downtown Towson, but for the entire Baltimore region,” said Baltimore County Executive Kevin Kamenetz.

Positions Downtown Towson as Quality of Life Leader

"Increasingly, we observe that those areas able to support the highest quality of life are also those associated with the most dynamic economies and most rapid income growth. Towson Row is large and ambitious enough to position downtown Towson as a quality of life leader in the region,” said Anirban Basu, Chairman and CEO of Sage Policy Group. “The project will support 2,000 permanent jobs in Baltimore County. Its mix of contemporary residential and commercial development will create opportunities for local entrepreneurs to be both visible and immersed in an environment characterized by high-quality retail, restaurants, professional services, and an ascendant university.”

Signature Project in Downtown Towson

The $350 million mixed-use project in downtown Towson is being led by Greenberg Gibbons on five acres bounded by York Road, Towsontown Boulevard, Chesapeake and Susquehanna Avenues. The 1.2 million-square-foot development will include over 140,000 square feet of retail and commercial uses, 145,000 square feet of Class A office space, 250 luxury high-rise residential units, 300  student housing units, and a hotel.

“We see Towson Row as an excellent opportunity to provide a transformational project that will create a high energy destination and contribute a positive economic impact to the revitalization of downtown Towson,” said Brian Gibbons, Chairman and Chief Executive Officer of Greenberg Gibbons. Other Greenberg Gibbons projects in Baltimore County include the revitalized Shops at Kenilworth in Towson, the newly opened Foundry Row in Owings Mills and the landmark Hunt Valley Towne Center.

“Towson Row is a signature project in downtown Towson. The mix of office, retail, residential, hotel and open public space complements the traditional-meets-contemporary feel in Towson,” said Katie Pinheiro, Executive Director of the Greater Towson Committee.

“Towson Row’s new residents, visitors and workers will add energy and tremendous economic impact to our vibrant downtown,” said Nancy Hafford, executive director of the Towson Chamber of Commerce.

County Support

Under long-established County law, the project is entitled to Commercial Revitalization tax credits for constructing in a designated revitalization district and High Performance Building tax credits. The developer is forgoing these tax credits and would receive the $26.5 million present value of the taxes as the project is constructed. The developer will continue to pay property taxes.

When the new downtown Towson hotel begins construction, the County would provide a $16.4 million grant equal to the hotel tax. These funds will be repaid to the County through the hotel occupancy tax.

The County will recoup its total project support in 12-14 years, as property and hotel taxes are collected. Once economic multipliers are factored in, the payback period is even shorter, according to the Sage Policy Group study.

The Baltimore County Council will discuss the County support agreement for the Towson Row development at its December 12 work session.

Construction and Operational Economic Impacts

Towson Row’s economic impact in Baltimore County includes 5,500 construction and permanent jobs, $220 million in annual business activity and over $92 million in annual employee compensation. Total annual tax revenues will exceed $3.2 million by fiscal year 2022 and grow to more than $4.7 million by fiscal year 2040, according to the Sage Policy Group study.

During the construction phase alone, Baltimore County will see $490 million in business sales and $185 million in labor income.

Construction Phase Economic Impacts

 

 

   Jobs (FTEs)

        Labor Income

       Business Sales

Baltimore County

Direct effects

2,031

$122,737,797

$317,908,704

Indirect effects

662

$29,588,806

$80,203,893

Induced effects

734

$32,384,531

$92,289,743

Total

3,427

$184,711,134

$490,402,340

Maryland

Direct effects

2,053

$122,752,187

$318,065,401

Indirect effects

712

$36,204,585

$104,625,142

Induced effects

824

$39,962,337

$116,878,989

Total

3,589

$198,919,109

$539,569,532

Source:  Sage, IMPLAN  FTE=Full Time Equivalent

 

         

Operational Phase Economic Impacts

 

        Jobs (FTEs)

      Labor Income

         Business Sales

Baltimore County

Direct effects

1,143

$53,204,141

110,316,950

Indirect effects

236

$12,190,730

$33,254,849

Induced effects

610

$27,073,172

$77,077,272

Total

1,990

$92,468,043

$220,649,071

Maryland

Direct effects

1,143

$53,204,141

$110,316,950

Indirect effects

243

$13,887,565

$38,365,166

Induced effects

632

$30,773,983

$90,302,204

Total

2,018

$97,865,689

$238,984,320

Source:  Sage, IMPLAN   FTE=Full Time Equivalent


Mailing Also Includes Program Guide with Important Information

In early December, Baltimore County will mail new trash and recycling collection schedules to single-family homes. These four-year schedules cover the period from 2018 through 2021, and contain specific collection day information for each address in the County. As different areas can have different collection days, it is important that residents read and retain this important document to reference over the next four years.

County residents living in single-family homes who do not receive their schedule by December 24 may call the Bureau of Solid Waste Management at 410-887-2000 for assistance. Schedules will also be available for download on the County’s website starting January 1, 2018.

In addition to the schedules themselves, this mailing will include the County’s trash and recycling program guide. This important resource contains instructions for collection holidays, set-out regulations, a recycling guide, drop-off information and more.


 
 
Revised September 11, 2017