Just a short time ago, the Quarry at Greenspring was a large, dug-out hole in the ground. Now, it?s becoming a growing business location.
Created around a 40-acre lake made out of an obsolete quarry, The Quarry at Greenspring is drawing businesses because of its high-income neighbors. According to a report by Blue & Obrecht Realty, there are an estimated 148,000 local residents in the Greenspring area, with an average household income of $102,000.
“It?s taking property that had been used for one business that has ended and is rethinking it as a mixed-use community,” said Fronda Cohen, a spokesperson for the Baltimore County Department of Economic Development.
Blue & Obrecht, which estimates its part of the project to be around a $65 million undertaking, is also responsible for leasing and building 225,000 square feet of the office space. This will complement the 115,000 square feet of planned retail and restaurant space. Businesses such as Walgreens, BB&T Bank and Starbucks have already leased space.
“Actually, the area is pretty well built out,” said Richie Blue, president of the Timonium-based Blue & Obrecht Realty. “There isn?t any more land along the [I-695] Beltway, and this is the last large parcel to provide what we call a mixed-use project where someone could technically live there, work there and shop there.”
Developing 593 residential units, Beazer Homes is building 510 condominiums and 83 residential housing units. The estimated range goes from $300,000 for condos and $800,000 on the houses. The first condo building is set to be finished in the spring, while 25 residential houses have already been sold.
“Demand is really good,” said David Carney, the Maryland division president of Beazer Homes.
