News
OWINGS MILLS ATE ITS WHEATIES
November 22, 2011
| A lot has happened there in the past two weeks: Kimco and GGP have gone in together on a redo of the Owings Mills Mall; Greenberg Gibbons and Vanguard landed Wegmans for their Foundry Rowshopping center; and Stevenson University has acquired Shire Pharmaceuticals' 28-acre campus, including 17 developable acres. |
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| Yesterday, JLL's Stuart Rienhoff (right, with colleague Todd Hughes) told us Baltimore County identified White Marsh and Owings Mills as growth centers back in the '80s. The I-795 extension and Rouse's Owings Mills Mall delivered around the same time with high-end retail, which later became depressed when middle-income residential development flooded the area. David S. Brown'sTOD Owings Mills Town Center stalled, but the large tracts of mostly office-designated land enabled Rouse/GGP, Brown, Merritt, Manekin and Highwoods to develop office for T. Rowe Price, Legg Mason, Zurich, Euler, et al. The area's manufacturing sector has diminished gradually, though Solo Cup kept chugging until now. (Heck, Toby Keith even released a song called "Red Solo Cup" last month.) Solo's site will become Foundry Row. |
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| Now the office users, a maturing residential market, and an emerging Stevenson University are feeding a surge in retail possibilities, and industrial sites like Solo's and Shire's are finding higher and better uses. JLL is repping Givaudan Flavorings in the sale of 10 Painters Mill Rd across from Foundry Row, which went up in the '50s and has since expanded. Stuart says the property is under contract, and the prospective buyer's plan seems to be to renovate the existing building. |
