Local developers Greenberg Gibbons and Vanguard Equities Inc. have closed on the purchase of the former Solo Cup manufacturing plant in Owings Mills with plans to redevelop it into upscale retail space.
Greenberg Gibbons’ projects include Hunt Valley Towne Center, Annapolis Towne Centre at Parole and the White Marlin Mall in West Ocean City.
Vanguard Equities is a 24-year-old real estate development firm based in Baltimore whose projects include residential real estate and shopping center developments in Maryland, Delaware and Virginia.
“Our offices in Owings Mills are less than a mile from the site and we plan to make this project a true showcase,” said Brian Gibbons, CEO of Greenberg Gibbons, in a statement. “We are meeting with residents, community leaders and elected officials to gather input to help us shape a concept for the site and deliver something we can all be proud of.”
The vacant plant, on a 52-acre site, once employed 540 people in the manufacture of items including paper and plastic cups and plastic cutlery. Solo Cup announced in June 2010 that would shutter the facility and transfer the work to plants in Illinois, Georgia and Texas as part of a cost-cutting restructuring.
“The timing for this project could not be better as it will create thousands of new jobs and substantial new tax revenues for Baltimore County and the state,” said Brad Glaser, principal of Vanguard, in a statement.
Terms of the deal were not released. The companies said they expect to have a conceptual plan ready for the site in mid-October.