"Townsend worked very well with the local community, and City and State officials. They also surpassed our goals for Minority Business Enterprise participation."

University of Maryland, Baltimore; Baltimore, Maryland

Project Description:

• Develop an 800,000 square foot biotech research park, partially occupied by the University of Maryland, in pioneering urban location.
• Coordinate planning, acquisition strategy for additional parcels, phasing of the development (inclusive of parking), marketing and leasing, and construction of first building.

Project Challenge:

• Confront the challenges of an urban location and leverage its advantages, creating a modern spec lab research campus in conjunction with renowned medical school university.

New Perspective Solution:

• Minimize project costs and position tenants for success by utilizing a tax abatement program, leveraging the Baltimore Empowerment Zone, and using new market tax credits.
• Attain 100% leasing of Building One within 16 months of completion by leveraging relationship with University of Maryland, Baltimore, to assist in the planning, acquisition and marketing strategy.
• Develop condominium structure to permit high leveraged bond financing of the University-occupied portion of the building.

Today:

• A 118,665 square foot wet lab research facility has been completed and is 100% leased. A 640-stall parking structure has been constructed and a second lab facility of 214,000 square feet was completed in the summer of 2007.