The development team for the Foundry Row mixed-use project has finalized a deal with AvalonBay Communities Inc. to build the first and only residential building at the Owings Mills project.
Plans for the building, Avalon Foundry Row, include 437 apartments with amenities such as co-working space, dog parks and a swimming pool. According to developers Greenberg Gibbons and Vanguard, the five-story building will provide a mix of one-, two- and three-bedroom units.
“We are thrilled to partner with a premier, multifamily developer like AvalonBay on this residential component,” Brian Gibbons, chairman and CEO of Greenberg Gibbons, said in a statement. “The apartments will add an entirely new dimension to Foundry Row, making it a true mixed-use destination to live, work, shop and play.”
Greenberg Gibbons previously worked with Virginia-based AvalonBay, a publicly traded real estate investment trust, on its Hunt Valley Towne Centre development. AvalonBay currently owns and manages 291 apartment projects with more than 85,000 units in 13 states and Washington.
Construction on Avalon Foundry Row is to start this spring and the building is to be delivered in fall 2020. Foundry Row, including the apartments, is anticipated to cost more than $200 million.
Avalon Foundry Row will enter an Owings Mills market that has attracted significant multifamily, retail and office development in recent years.
Developer Sidney Emmer started work in March on the second phase of The View at Mill Run apartments. The apartments are near the Mill Station center, which features a 148,000-square-foot Costco on the former Owings Mills Mall site.
The market-rate garden style community, located next to Soldiers Delight park, will consist of 157 units. The first phase of the development, with 375 apartments, was finished about five years ago and is fully leased.
David S. Brown Enterprises developed Owings Mills Metro Centre, whose final cost is expected to be about $500 million, around the metro station, connecting the area to downtown Baltimore. The project includes 300,000 square feet of retail, 1,700 retail units and a substantial amount of office space.
Apartment leasing in the Baltimore region continued at record pace last year, according to a year-end Delta Associates report.
Tenants leased 3,789 Class A apartments in 2018, an 80 percent increase over 2017.
The western and northwestern portions of Baltimore County were the only suburban areas where the number of units in the pipeline increased last year. Rents in those areas increased, jumping 3.5 percent in the northern portion of the metro area last year.