The development, called Shipley's Grant, will include 396 townhomes and condominiums and approximately 40,000 sf of retail that will be located on a four-acre parcel to be owned and developed by Bavar Properties Group, LLC. An additional 6.6-acre parcel has been set aside for future office development. More than 18 acres will be preserved as open green space.
The first phase of residential development, 62 townhomes, is scheduled to begin in September 2006; first deliveries are expected to start in spring 2008. Steve Ferrandi of KLNB brokered the transaction.
Thomas S. Bozzuto, CEO of the Bozzuto Group, notes that Howard County is set to experience significant population growth over the next several years. "With the anticipated expansion of both Fort Meade and the National Security Agency, and the continued growth of the area's technology sector, the area's housing needs are projected to increase dramatically," he says.
The Bozzuto Group has several development projects under way in the Maryland submarkets, including one that is a quarter of Shipley's Grant ultimate size. Called the Arbors at Arundel Preserve, it is a $65-million, 13-acre site currently under construction in a joint venture development between Bozzuto Development Co. and Somerset Construction Co. Delivery is expected in spring 2007.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
