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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.
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.
