Armada Hoffler Properties Inc. will invest $42 million to build residential units at the Annapolis Junction Town Center, making it a partner in the project.
The commitment will be a major part of the funding for the $102 million mixed-use, transit-oriented development to be located on 18 acres off Dorsey Run Road in Howard County. Annapolis Junction Town Center is also located off of the Savage MARC commuter train station near Fort George G. Meade.
The project will be centered by a 416-unit apartment community and will also hold 100,000 square feet of office space, 17,000 square feet of retail and a hotel.
It is expected to break ground this summer.
Late last year, Armada Hoffler (NYSE: AHH) invested $23 million in mezzanine financing for a new $93 million apartment tower underway at Harbor Point. The company will have the option to acquire an 88 percent interest in the project at the developer’s cost once the tower is built.
Article by Melody Simmons at Baltimore Business Journal.