The luster on Parole Plaza, a once thriving 500,000-sf open-air shopping center that carries the distinction of being the oldest retail mall in Maryland, dulled ages ago. But the joint venture's plans for the 33-acre property promise to breathe new life into the shuttered retail center and revitalize Parole, a community that sits just outside of Annapolis. Parole Plaza will be demolished and will re-emerge as a Towne Centre property with retail, office, and residential offerings, as well as a full-service hotel.

"Our comprehensive development plan will capitalize on our local market knowledge and create an enticing atmosphere that will transform the project into one of the premier office, retail and residential destinations in the Maryland," Gibbons says in a statement. The joint venture has a great deal of experience in the redevelopment of downtrodden retail properties. Together Greenberg and PREI, which joined forces in 2001, have constructed, acquired and developed more than $250 million in mixed-use and retail properties. Work on the Parole Plaza project is expected to begin sometime within the next 12 to 18 months. An estimated completion date has not yet been determined.