has spent $6.2 million to purchase a property on York Road and plans to spend another $4 million to refurbish the structure.
The university bought the 40,000-square-foot building to house several programs that fall within its Division of Economic and Community Outreach. That includes the TowsonGlobal Business Incubator
, which will occupy one whole floor [see story
The university has been a tenant for several years and decided to go ahead and purchase the building as it would save money in the long run compared with renting, says Mark Behm, Towson’s interim vice president of administration and finance and chief fiscal officer. Towson bought the building from Garrison Forest Foods Inc., state property records show.
The building currently houses Towson’s continuing education programs and the Regional Economic Studies Institute
. These tenants will move out temporarily in November while the building undergoes a 13-month renovation, Behm says. The renovations will include upgrades to the electrical system and adding an elevator to make it handicap accessible.
Source: Mark Behm
Writer: Julekha Dash