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$20M Land Sale at Town Center South Underway

ST. CHARLES, MD-Town Center South owner Interstate General Company is close to signing a deal with Benderson Development that would allow the latter to acquire 50 to 151 acres of property at Town Center South for $200,000 to $270,000 per acre.

By Barbra Murray | Updated on May 20, 2002

ST. CHARLES, MD-Interstate General Company LP is close to sealing a deal that would give Benderson Development Co. the opportunity to acquire and dispose of 151 acres of property, carrying a price tag ranging from $200,000 to $270,000 per acre at Interstate’s Town Center South. Benderson, the nation’s largest private owner of retail shopping centers, is said to be eyeing a specific purchase in the area of $20 million.

“We are delighted to have a company of Benderson’s stature as the future developer of Town Center South,” Interstate chairman and CEO James J. Wilson says. Interstate has been trying to get the development of the property underway for quite some time now, but a legal issue stemming back more than a decade has hindered efforts.

In 1995 Interstate was charged in an eight-count indictment with illegally draining and filling wetlands at Town Center South in 1990. In 1999 the company agreed to plea guilty to a single violation of the Clean Water Act, after which a proposed Consent Decree was issued prohibiting further legal discharges and requiring Interstate to pay fines, as well as carry out remediation plans at Town Center South. Interstate is appealing the decision.

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