For nearly two hours Thursday night, Baltimore County and developer Caves Valley Partners representatives listened to community concerns and answered questions about parking, pedestrian access and the design of a proposed development at York Road and Bosley Avenue in Towson.
Caves Valley lawyer David Karceski, of Venable LLC, announced that the land, previously owned by the county, transferred to Caves Valley Thursday.
The developer presented two plans for Towson Station: One for a fast-food restaurant with a drive-thru and one for a drive-in bank.
A concept plan for the fast-food proposal for the Towson Station development that Caves Valley Partners presented to the public at an input meeting on June 28. (Libby Solomon/Towson Times)
Each plan also includes space for retailers, some already set to move in, according to a pamphlet by retail brokerage firm H&R Retail. The development, if approved, would include a Mission BBQ restaurant and a Men’s Wearhouse retail clothier.
The meeting, at the Sheppard Pratt Conference Center in Towson, was the next step in the development process for the project, originally proposed as Towson Gateway.
According to the Towson Flyer, Mission BBQ and MOD Pizza are coming to Towson Station, the new development planned at York Road and Bosley Avenue, according to a leasing brochure from H&R Retail. The site is also slated to be home to a fast-food drive-through restaurant, which is likely to be Chick-fil-A. [Update: A representative for the developer now says the northeast corner might house a bank instead of a fast-food restaurant but nothing has been finalized yet.]
The developer of the site, Caves Valley Partners, is hosting a community-input meeting on Thursday, June 28, at 7PM for the project, formerly home to the Towson fire station.
We secured a permit to start construction on the old Towson Police Station. Phase one of the project is to remove most of the interior. Following the demolition of the old interior, phase two will be the construction of the units. Stay tuned for more updates on this unique residential rental opportunity.
It’s been a vacant lot on a prominent corner for about two years, but it looks like things are finally starting to move with Towson Row. Greenberg Gibbons, the developer who took over the project one year ago, is holding a kickoff celebration on Thursday.
The project had stalled under developer Caves Valley Partners, who said they found rock under the ground on the site that complicated their plans. Greenberg Gibbons in December got approval for more than $40 million in public money for the project: Greenberg Gibbons will forego the Commercial Revitalization tax credits it’s entitled to and will instead get a $26.5 million advance from the county. Additionally, the county will give them a $16.4 million grant that will be paid back through the hotel occupancy tax.
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There are many reasons why long-term real estate investors sell a rental property. Unfortunately, selling a rental property can be just as challenging as managing it, such as knowing the tax on sale of rental property. To help, we spoke with the industry experts on the best ways to sell a rental property for a profit.
Here are the 25 tips for selling a rental property from the pros.
1. Host an Open House
Than Merrill, Real Estate Investing Expert & CEO, FortuneBuilders
Selling a rental property has more to do with the sum of all the parts as opposed to just one strategy. Hosting an open house is one proven strategy to make a successful sale. Open houses are a great way to generate traffic. Combined with a competitive price point, a good open house could create a sense of demand that pits potential buyers against each other but in your favor.
Shane Lee-Selling a Rental Property-Tips from Pro
2. Justify Your Rental Income
Shane Lee, Data Analyst, RealtyHop.com
When selling your rental property, you should be able to justify your rental income to your next buyer by doing a 10-year pro forma. To be conservative, you might want to project rent growth at 3 percent because this is consistent with the inflation rate. You also have to remember to project expense growth as well.
Dustin Heiner-Selling a Rental Property-Tips from Pro
3. Price Your Property Strategically
Dustin Heiner, Founder, Master Passive Income
Price your home strategically to appeal to as many buyers as possible. Post the property at a lower price and let more people see your property and believe it’s a steal at that price. You can then have your property bidded out and accept the highest bid. The more potential buyers to view your property, the more likely you will get multiple offers, sell your home quickly and get above the market value.
(4-25 Click The Button Below)
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