New Mixed-Use Development Named Beacon Square Coming To Annapolis

Annapolis MD

20 January, 2022

1:50 PM

Description

ANNAPOLIS, MD — Developers recently bought the land to build a new mixed-use development in Parole. The community will feature a 43,000-square-foot grocery store as well as 52,000 square feet of retail and office space. This construction is slated to finish next year. The housing phase will wrap up in 2024. The neighborhood will feature 508 luxurious multi-family units. The complex will include 339 units available to anybody and 169 reserved for residents 55 and up. The 13-acre site, called Beacon Square, will sit across from the Annapolis Town Center. An office park currently occupies the plot, located at 2500 Riva Road. "This is smart growth - commercial and residential with community gathering space and parking near bus routes at a Town Center on previously developed land," Anne Arundel County Executive Steuart Pittman tweeted last Friday. "Thank you to the investors, planners, and everyone involved in putting this major project together." Georgia- based developer SJC Ventures and AvalonBay Communities, Inc. announced on New Year's Eve that they bought the land from Corporate Office Properties Trust. Hyatt Commercial brokered the sale. Maryland real estate records do not yet show the purchase price. The state database estimated that the property was worth $26 million as of last July. "Beacon Square will become part of our portfolio of transformative and high energy mixed-use centers to give residents in Annapolis a central gathering place for living, working, shopping and entertainment," SJC Ventures Partner Jeff Garrison said in a press release. "We look forward to breaking ground immediately." Cushman Wakefield handled the deal between SJC ventures and AvalonBay Communities, Inc. Dynamik Design is the architect. H & R Retail will manage the leasing. Visit sjcventures.com/active-projects for more information. Have a story idea? Please contact me at [email protected] with any pitches, tips or questions. Follow me on Twitter @JacobBaumgart and on Facebook @JacobBaumgartJournalist to stay up-to-date with the latest Anne Arundel County news.