The Park Place development is setting up to be more than the icing on Annapolis? cake.
Designed as an enhancement to the city and the downtown business scene, the $250 million multiuse development that will feature office space, restaurants, condominiums and a hotel is becoming so popular it is in danger of taking the cake altogether. The business in charge of this rebirth is Jerome J. Parks Companies, a local father-and-son urban developer team.
“When I was a kid, I used to walk downtown to the stores [in Annapolis]; over the years, due to the economy and attractions of Annapolis, downtown lost some of those service industries and businesses,” said Jeremy Parks, the vice president of Jerome J. Parks Companies and son of Jerry Parks, the president and owner of the company. “That is what we are really looking for with Park Place is to recreate those options.”
The development that began in early 2005 is a 12-acre project that consists of two large buildings at the intersection of Taylor Avenue and West Street. Besides the multiple uses for the property, another feature will be the 1,100-space underground parking garage that is planned for the property. These amenities will go to support the Park Place condominiums that are currently under construction. The 208 planned condos will range in size from one- to three-bedroom apartments and will vary in price from $500,000 to $2 million.
With a built-in audience from the condominium development and the construction of a 225-room Westin Annapolis Hotel, businesses are looking to get a piece of the action. Merrill Lynch has already leased office space, as has Annapolis-based PharmAthene. Restaurants are also getting in on the action, with a Fado?s Irish Pub & Restaurant set to move in.
“It?s a great community for us to go into, and one of the things about pubs is it?s important to be in the community and involved in the community, and we look forward to that,” said Greg Algie, the 37-year-old owner of Fado?s. “Over the last year, we started to know people, and we look forward to working with the other Irish pubs in the area.”
More information
» Jerome J. Parks Companies
15 School St.
Annapolis, 21404
410-268-4690
www.jparks.com
