OffToMars

I would definitely think that this tower is going to be significant considering it now will have parking, multifamily, and office.

According to the Town Center leasing document there are a number of new tenants coming to Town Center including Madewell, Nando's Peri-Peri, and Legal Sea Foods.

I would imagine that Armada Hoffler will put most of their investment in Baltimore for the next couple years. With them announcing that they will be building the T Rowe Price HQ with additional development land surrounding it they are likely trying to attract more businesses to join T Rowe Price. On the bright side, the amount of available office space in Town Center has gone down a fair amount within the last couple of months.

The leasing document for town center definitely said that Nike was coming to that spot, but for about the past two months it just says leased. I’d be very surprised if they pulled out though especially if tenant improvements had already begun.

I think that area is being cleared for the new Homewood Suites, but I could be wrong. https://www.harmonyhospitality.com/developments

I would imagine that a lot of it has to do with the price per square foot that AH is looking for. I would bet that it is a fair amount higher than this deal.

I agree with this. The amount of available office space in town center has surged over the past few months and this isn't including companies that are looking to let go of space, but haven't had a chance to do so yet. Residential and retail have held up pretty well, so I think residential is very likely.

Do we know who the construction company for the project is yet? I wouldn't be surprised if it's Armada Hoffler as they've been partnering with Venture on a couple projects as of late (including the Military Circle proposal) and Armada Hoffler's current project at the oceanfront (27th street apartments) is set to wrap up in the third quarter of the year. That lines up nicely with the proposed starting date of this project, but we'll see. Here's the link to the marketing flyer that Venture put out with the site plan at the bottom: https://drive.google.com/file/d/1BKabq2qoAGsqakekAH6X7MAhM5t2gA_8/view?usp=sharing

Hopefully the hotel going in will help lease that space across the street in block 9 and block 10. All that space facing Columbus street has had trouble leasing since it doesn't get much foot traffic. Drybar, a salon, just signed a lease for ~2000 SF on the corner of Market and Columbus so we could see some work for that tenant buildout.

Homewood Suites by Hilton will be replacing the Neptune Park Inn on 31st Street which was torn down early last year. Harmony Hospitality's site says that it will be opening in 2022 along with a render of it. https://www.harmonyhospitality.com/portfolio

It's getting close to being done. The crane has come down.

Here's a couple photos I got yesterday.

And it's under construction. If this is still the brand that's taking that spot. Sorry for the poor photo. It was the best I could get at the time.

Well it sounds like we won't be seeing any development at Town Center from AH in the next year. As I said above AH has just too many projects going on for their construction company and they recently announced they'd be building T Rowe Price's new HQ. On the call they stated that they re-leased the space back to Regal for one year, which as an investor in AH it does make sense if it would otherwise just sit there empty for a year. They're leasing it to them for $2 a square foot versus the $19 they were leasing it to them before COVID so I'm sure AH wants to redevelop it, but they just don't have the resources at the moment. They added that after the one year lease they would decide what exactly they want to do with the space, whether it be a new shopping portion (with or without a new regal) and/or apartments. Hopefully the hotel next to the Apex Entertainment building will actually get off the ground this year. Source: https://ir.armadahoffler.com/static-files/9b720485-38ae-480f-ac85-907a34c3dbbc

There's a lot that we could get updated on tomorrow. I'll be interested to see if any progress has been made in the effort to move Bed Bath and Beyond.