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Conifer Realty Drops $4M on Annapolis Retail Site for Workforce Housing Transformation
MacKenzie Commercial Real Estate Services, LLC, has brokered the $3.8-million sale of 5.3 acres in the Odenton Town Center submarket of Annapolis, MD. Conifer Realty, LLC, purchased the property from the EL Gardiner family and will develop two buildings with approximately 150 workforce rental units on the site.
David McClatchy of MacKenzie Commercial Real Estate Services, LLC, represented both parties in the transaction.
“Because this site is within a retail corridor in Anne Arundel County, it was generally assumed it was for that use, which is why it languished and sat vacant for many years,” said McClatchy.
Anne Arundel County officials have been generally unreceptive to new residential development proposals in the county for the past several of years, but workforce housing is viewed in a far different and positive light.”
Development work is expected to commence on the site this fall with delivery scheduled for late 2023.
- ◦Sale/Acquisition
- ◦Development
