St. John Properties Inc. is on the hunt for retail and office tenants for a $25 million project in Carroll County.
The Baltimore developer completed construction this year on three buildings totaling 100,000 square feet as part of
Liberty Exchange.
Its first tenant, Orthopaedic Associates of Central Maryland, will move into the Eldersburg property within the next 45 days, says Jerry Wit, St. John's senior vice president of marketing. The 11-physician practice has signed a lease for 12,240 square feet of space.
St. John Properties' first product in Carroll County, Liberty Exchange will eventually house 9 buildings totaling 225,000 square feet. The company will start construction on more buildings once the three existing ones are half leased, Wit says.
He's not sure when that will be as getting financing these days is tough, bringing many developments to a "screeching halt." Nonetheless, St. John executives are hopeful that they can attract office tenants who want to upgrade their suites to a shiny new business park as a lot of the buildings in the area are older.
"The Eldersburg market is tight. There's not a lot of space," Wit says.
St. John also hopes to sign up food and services, including a dry cleaner, day spa, convenience store and restaurants. Wit says he is talking to one local Carroll County resident who is interested in opening a wine bar. An Italian eatery, sandwich shop, and Chinese restaurant would also be ideal tenants.
Writer: Julekha Dash
Sources: Al Cunniff, Jerry Wit, St. John Properties