Shuttered Shopping Center to Re-Emerge as $300M Mixed-Use Destination

ANNAPOLIS, MD-Acting through its joint venture with Prudential Financial Inc.’s real estate division Prudential Real Estate Investors, Greenberg Commercial Corp. has announced plans to acquire the long vacated Parole Plaza Shopping Center and redevelop the dilapidated 1960s era property in to a mammoth mixed-use development. The joint venture will pay $25 million for the property and spend $300 million to complete the makeover endeavor, Greenberg Commercial’s Brian Gibbons tells GlobeSt.com.

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.