Dulaney Valley Apartments in Towson have been sold and will be torn down and redeveloped as luxury apartments with triple the density at a cost of $100 million, the seller and buyer have confirmed.
But Baltimore County Councilman David Marks, who represents Towson, said he is leery of adding more density to the edge of downtown Towson and wants to meet with project representatives. Marks said they have yet to contact him.
"I'm the one who's going to be hearing about it from the neighbors," Marks said Thursday. He said he had heard from county development officials in the past six years about plans for condominiums, but didn't find out about the new plans until this week, and not from project representatives.
The 150-unit apartment complex at 944 Dulaney Valley Road would be torn down in mid-2013 to make way for a luxury complex, said Andrew White of Apartment Realty Advisors, real estate broker for AIG, which sold Dulaney Valley Apartments to a development team headed by Wood Partners.
A spokeswoman for Wood Partners confirmed the $100 million transaction, but referred a reporter to Scott Zimmerly, a director of Wood Partners, who focuses on the development and financing for projects in Maryland, Delaware and Pennsylvania, according to Wood Partners' website. He could not be reached for comment.
Bisnow.com, an online site about commercial real estate news and events, first reported details of the transaction and plans for the property. Bisnow's story is also posted on Wood Partners' website.
Also involved with Wood Partners in the project are Chesapeake Realty Partners and Taylor Property Group.
Marks said he is "reserving judgment" on the plans.
"I'm not opposed to more density in downtown Towson," he said. But he called the location of the apartments "the edge of downtown Towson," and that the area is zoned R-16 zoning, which allows 16 units per acre.
"There's an awful lot of housing of that density in that area," Mark said. "I'm looking forward to having a conversation about what's going to be going in down there."