MIE expects to spend $40 million over the next five years to build out the site, which has room for 612,000 sf of commercial space. It will contain a combination of 10 flex and R&D buildings and four one-story office buildings. The park will be MIE's sixth development near BWI Airport and the 33rd in the Baltimore area.

The market timing is good to start another new project, says Gerald Wit, MIE's vice president of marketing. "We've had very solid success at other parks."

The area's prospects have improved over the years as well. "The area used to be populated by airport-related companies, but the balance has shifted in the last 10 years and now has emerged as a market in its own right," he says.