News Article

Patriot Realty picked for Laurel MARC project


(12/4/2009) The Maryland Transportation Department has awarded exclusive negotiating rights to Patriot Realty for a mixed-use development near the Laurel MARC station.

The project will likely cost about $40 million and include a mix of office, retail and residential uses in several buildings. It willl replace existing parking lots and include a new parking garage.

MDOT has not yet decided whether it will lease or sell the land to Rockville-based Patriot.

Del Adams, manager of development services for MDOT, said the department prefers to enter into long-term ground leases, but that if Patriot makes the residential component condominiums, a sale is more likely.

Negotiations over the 4.35 acres next to the station will begin within the next 10 days.

The Master Development Agreement process is expected to last six to eight months, so it will be at least a year before the project breaks ground.

Adams said public amenities will likely include a bike and walking trail connecting the project to the surrounding area.

Patriot has two other properties nearby. Ashbury Courts is a 140-unit apartment building that includes 32,000 square feet of retail space. Hawthorne Place is a planned $300 million mixed-use project that will replace the Roadway Truck terminal a half mile south of the MARC station.

The developer plans to build about 1,000 homes and 140,000 square feet of office space on the 10-acre site.

By Sarah Krouse

© 2009 American City Business Journals, Inc. and its licensors.

Link to the article: Patriot Realty picked for Laurel MARC project

Source: Baltimore Business Journal