Once a premiere retail destination, the former Parole Plaza sat vacant and decaying for more than a decade before Greenberg Commercial acquired the early 1950s-era property with partner Prudential Real Estate Investors in March for approximately $25 million. When all is said and done, Annapolis Towne Centre will feature 600,000 sf of retail space, 700 residential condominium and apartment units in structures as tall as 16 stories, a 120,000-sf office segment, a 200-room hotel, and such extras as a community skating rink. The site is expected to recapture its luster from yesteryear, and then some.

"The community has Greenberg Commercial's word to create a thriving and energetic mixed-use asset that will become the prototype for all new town centers across the country," Greenberg Commercial chairman Erwin L. Greenberg says. "Approximately 30 months from now, we intend to hold ribbon-cutting ceremonies for Annapolis Towne Centre, which will evolve into the jewel of Anne Arundel County." Further demolition is on the way and actual construction of the new Annapolis Towne Center project is expected to begin sometime next year.