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Keyword: downtown towson

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


Baltimore County Executive Kevin Kamenetz joined representatives from RPAI and AvalonBay to break ground for Circle East, a $125 million mixed-use redevelopment at the center of downtown Towson.

When complete, the pedestrian-friendly community will transform the site at the Towson traffic circle into a 371 unit apartment community with 240,000 square feet of street level retail including national and local shops, restaurants and entertainment. Circle East will connect pedestrian friendly streetscapes and bring a vibrant, walkable community to the center of Towson.

Circle East rendering“With Circle East starting construction, downtown Towson continues its dynamic growth as a vibrant place to live, work and enjoy life. We’ve seen more than $1 billion in recent private investment in downtown Towson, adding jobs and economic vitality to the Baltimore County seat,” said Baltimore County Executive Kevin Kamenetz.

The $1 billion in new private development includes over 3,400 new downtown Towson apartments and townhomes, transforming the center of Towson into a 24/7 community that combines the best of urban and suburban living. Towson Square, anchored by a 15-screen Cinemark theater and restaurants including Bobby’s Burger Palace, World of Beer and Bonefish Grill, will connect to Circle East.

New residential communities opened in 2017 with townhomes at Towson Mews and apartments at The Southerly and Flats at 703. The Towson City Center office tower brings 600 workers into the heart of downtown, working at Towson University programs, WTMD Radio and headquarters for MileOne Automotive and Remedi Senior Care. Towson Town Center, a regional mall next to Circle East, continues to be a major draw with anchors Nordstrom and Macy’s and a luxury wing highlighted by Tiffany & Co., Burberry, Lilly Pulitzer, Louis Vuitton, Pottery Barn and Crate & Barrel.


New Urban Park Coming to Towson Courthouses Next Summer

Baltimore County Executive Kevin Kamenetz smashed through the concrete surface of the existing Patriot Plaza this morning, officially starting construction of a new urban park that brings more green open space to the people who live and work in, or visit, downtown Towson.

A crowd of Towson supporters, including Councilmen Julian Jones and David Marks, Delegate Steve Lafferty, Towson Chamber of Commerce Director Nancy Hafford and County officials, looked on as the County Executive operated a hydraulic hammer on a large backhoe to take out a section of the stone fountain in the plaza’s center.  

The $5.5 million renovation project will remove nearly two acres of impervious concrete from the existing plaza, between the Historic Courthouse and Circuit Courthouse buildings and replace it with 1.8 acres of attractive green space with new pavers, sidewalks, seating walls, lighting and furnishings. The park will better showcase the existing memorials dedicated to fallen police and fire fighters.

“Towson is evolving into more of a 21st century vibrant urban center and beautiful public spaces are an important element in offering that lifestyle for people,” said Baltimore County Executive Kevin Kamenetz. “Our courthouse gardens have long offered a convenient place to take a break and enjoy nature, right in the heart of downtown Towson, and this new green space on the opposite side of the Historic Courthouse will offer a welcoming venue for people to gather during the week and for special events. We thank our community and civic leaders who gave helpful feedback that contributed to this design.”

The new green space will replace an impervious concrete and paver courtyard centered by a fountain that has not functioned for several years.  Leaks in the fountain’s infrastructure require immediate reconstruction of a significant portion of the plaza. Repairs must take place on a tight time frame to avoid additional costly damage to office spaces and technology systems located below the plaza.

The County consulted with the Towson Chamber of Commerce, the Greater Towson Council of Community Associations (GTCCA) and representatives of the fire and police unions and memorial associations to gather input on the design. The design was developed by Rubeling & Associates, a Towson architectural firm. The general contractor is Northpoint Builders and the civil engineering firm is JMT.

“This will be a welcome transformation and a complement to some of the other “green” efforts in town,” said Nancy Hafford, Executive Director of the Towson Chamber of Commerce. “This beautiful new space will expand the possibilities for great public events and gatherings.”

“I was pleased to be asked for my input on the park design, and I think the final result will be very attractive with the dramatic shift from hardscaping to green space,” said Paul Hartman, a member of the Greater Towson Council of Community Associations.

"The improvements to Patriot Plaza will make the Baltimore County Police Memorial more visible and accessible, while ensuring that the monument continues to provide a solemn tribute to officers who made the ultimate sacrifice," said retired Colonel Dennis Robinson, Chair of the Baltimore County Police Memorial Fund. “I want to thank the County Executive and his team for their thoughtful consideration of our recommendations.”

Retired Fire Chief Elwood Banister added, “Anything that we can do to educate more people about our tribute to our fallen fire fighters is greatly appreciated. I find this new design very respectful of our monument.”

Funds for the $5.5 million project were approved by the County Council in the FY2017 operating budget. The new green plaza is expected to be completed in June 2018.

Baltimore County has spent more than $57 million on open space and recreational projects since 2010. “We are committed to enhancing the quality of life in our County by providing attractive open space and community gathering places,” concluded Kamenetz. 

  


 
 
Revised September 11, 2017