The redevelopment process, which will yield 900 luxury residences, is expected to get under way about a year from now and will likely reach completion by 2010. Poole & Poole Architects are on board as the designers for the redevelopment endeavor; all construction will be conducted in phases.

A suburban Baltimore property near Goucher College and just six miles away from the city, Dulaney Valley consists of 59 structures occupying an 18-acre parcel off Interstate 695. "This is an excellent infill location," says Jeff Price, president of Lane Co. subsidiary Lane Northeast. "Towson is a great community where there are very few new housing opportunities."

According to Delta Associates' Third Quarter 2004 Class A Apartment & Condominium report, the vacancy rate among suburban Baltimore County apartments is 1.7%. The project is a highly desirable one in the eyes of local officials; the Baltimore County Council expanded the city's revitalization zone to accommodate the developers who, as a result of building in a revitalization zone, will be free of property taxes for an entire decade. The next move for Lane and AIG is the development of a site plan, which must win approval from the county.