Towson is the largest and most populous city in Baltimore County, continuing to see steady population growth thanks to the sustained expansion of major institutions such as Towson University, GBMC HealthCare, the University of Maryland St. Joseph Medical Center, and Stanley Black & Decker.
Over the past decade, Towson has experienced significant growth, attracting young professionals, families, and businesses alike. The recent development projects, including Towson Row and various residential and commercial ventures, are further transforming Towson into an increasingly dynamic and prosperous community.
Developments at Towson University
TU leaders plan to invest over $1 billion into new and ongoing projects by 2030
Towson University was recently named the top public university in the state by The Wall Street Journal and continues to be a major driver of growth in the area. The university has seen a steady increase in enrollment, with the largest incoming first-year class last year. This surge in student population has spurred significant developments on campus aimed at accommodating this growth and enhancing the university’s educational offerings.
The centerpiece of Towson University’s recent expansion is the newly completed College of Health Professions building in the summer of 2024. This 240,000 SF facility will be the hub for healthcare research and practice. This development follows the opening of the Science Complex in 2021, a 320,000 SF space dedicated to advancing STEM education at the university.
In addition to new construction, Towson University is also investing in modernizing its existing facilities. In May 2024, the university announced a $90 million renovation project for a former Marriott Hotel, which it had converted into a student residence in 2018. This extensive renovation, set to begin in the summer of 2025, will upgrade the building’s infrastructure, adding modern amenities and expanding housing capacity to meet the needs of the growing student body. By 2030, the university plans to have over one million square feet of new or renovated space.
RISE Zone Designation
The Maryland Department of Commerce designated a portion of Towson as a Regional Institution Strategic Enterprise (RISE) zone in the Summer of 2023.
In an effort to bolster economic growth and development around Towson University, the Maryland Department of Commerce has granted the area a RISE Zone designation. This designation is part of a state-wide initiative to encourage investment in areas anchored by higher education institutions or nonprofit organizations. The RISE Zone around Towson University covers a 419-acre area, strategically selected to maximize the potential for economic revitalization and job creation.
Businesses that choose to operate within the Towson University RISE Zone can take advantage of a variety of financial incentives. These include property tax credits, income tax credits, and investor tax credits, all designed to lower the barriers to entry for new businesses and encourage the expansion of existing ones. Additionally, a rental assistance program is available to support businesses in securing and maintaining commercial space in the area.
Towson Row
Photo: Greenberg Gibbons
Towson Row is one of Baltimore County’s newest mixed-use development, a $350M project that broke ground in 2021. It is a 1.2 million-square-foot development consisting of over 100,000 SF of retail and restaurant space, 150,000 SF of office space, 720 student housing units, and two Hilton Hotels, Hampton Inn and Home2Suites.
The development includes retailers such as Whole Foods and Uncorked and the first location of Raising Cane’s in Maryland. Cinnabon, Auntie Anne’s, and Jamba Juice plan to move into Towson Row by the end of 2024. Another feature of the site is The StarTUp, Towson University’s state-of-the-art co-working space, which focuses on fostering entrepreneurship and small businesses.
Developments at Greater Baltimore Medical Center (GBMC)
Greater Baltimore Medical Center (GBMC) continues to play a crucial role in Towson’s growth, with significant investments in expanding and modernizing its facilities. As one of the leading healthcare providers in the region, GBMC’s ongoing development projects are not only enhancing its capacity to deliver top-quality care but are also contributing to the broader economic and social landscape of Towson.
A significant milestone in GBMC’s expansion is the Louis and Phyllis Friedman building a $108 million state-of-the-art facility in 2023. This $108 million, state-of-the-art facility spans 117,000 square feet and includes 60 private patient rooms. The Friedman Building is just one part of a broader plan to expand GBMC’s campus. Another significant project is the construction of a new Cancer Care Center, a 70,000 SF facility dedicated to providing comprehensive oncology services.
Multifamily Development Update
Towson experienced an influx of market-rate and student housing development in 2020 and 2021, when nearly 1,300 units were delivered. The continued growth of Towson University is the primary driver of construction, representing roughly 700 units or 55% of the units delivered during that time. Towson’s supply wave has slowed in the past two years, with no new units delivered, stabilizing overall vacancies for market-rate and student properties.
Construction will become harder to complete over the next several years. In June 2024, the Baltimore County Council passed a bill to prevent new housing developments from being built in overcrowded school districts. The bill limits overcrowding from 115% to 105% while also allowing the county to build federally required affordable housing units. It also eliminates an adjacency rule, which said students could be placed in neighboring districts if theirs was overcrowded.
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