The company behind plans to redevelop Towson Circle released its first rendering of the proposed project on Thursday.
Retail Properties of America Inc., an Illinois-base real estate investment trust focused on shopping centers, announced plans to redevelop the property in 2015 and subsequently acquired the Towson Square movie theater and restaurant project next door.
The rendering shows mid-rise apartments rising above the current sunken parking lot with street-level retail and high-rise apartments above the parking garage and former Bahama Breeze restaurant, which closed in June.
"In addition to densifying the asset, we will reconfigure the existing retail into a more street friendly, walkable component with markedly increased access and visibility, bringing the retail from underneath Joppa Road to street level and vastly improving the streetscape," wrote Kimberly Freely, Retail Properties spokeswoman, in an email.
Retail Properties partnered with AvalonBay Communities, an Arlington, Va.-based apartment developer, on the planned 371-unit residential project. Retail Properties also said in 2015 it planned a hotel in the current Towson Circle building but offered no update on those plans, which weren't shown in the rendering.
The Trader Joe's at Towson Circle is moving to a newly redeveloped space in the Shops at Kenilworth and Barnes & Noble is shrinking its store from two levels to just one on the street-level.
Retail Properties has owned Towson Circle since 2004.
This story has been updated to reflect the correct headquarters city for AvalonBay.