$400M Mall Redevelopment Project Gets Under Way

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ANNAPOLIS, MD-Work has begun on the 2.1-million-sf mixed-use Annapolis Towne Centre at Parole. Developer Greenberg Gibbons Commercial Corp.–known as Greenberg Commercial Corp. up until Jan. 1–and minority partner Petrie Ventures are behind the $400-million project, which will ultimately yield retail, office and residential offerings.

Greenberg acquired the long-vacated Parole Plaza in 2004, spending $27 million on the 33-acre property. The 500,000-sf open-air shopping center was developed about five decades ago, but its doors were shuttered in the mid-90s.