A joint venture of the Osprey Investment Co. of Annapolis and Reliable Contracting Co. of Millersville has begun construction of Park 100, an 84-acre, 800,000-square-foot business community on Dorsey Road, just south of Baltimore-Washington International Airport.
Based on an estimated construction cost of $40 per square foot, the project represents an investment of $32 million.
Jason Jacobson, vice president of Osprey and project manager for Park 100, said the business park has been designed to accommodate large and small companies seeking flexible warehouse, office and industrial space in the Baltimore-Washington corridor.
The park is located one-half mile west of the new Interstate 97 and eventually will be bisected by an extension of Route 100.
Although some developers have been unable to move ahead with proposed projects because of the weak economy, Mr. Jacobson said that Park 100 is on schedule because the market for bulk warehouses and other industrial space near the airport is still relatively strong, as shown by several recent large leases signed in the area.
"We're not fooling ourselves. We know it's a tough market, but we feel this is the right time to come on with it," he said. "We believe that we have a location that is superior in many ways because of its access to I-97 and BWI."
The Osprey/Reliable Joint Venture plans to divide the land into parcels ranging from two to eight acres and to construct buildings ranging from 20,000 square feet to 115,000 square feet or more over the next five years.
Preliminary site work began in March, and construction will begin in June on the first building, a $4 million, 115,000-square-foot warehouse and office building. No tenants have been identified yet.
Columbia Design Collective is the architect of the first building and master planner for the business park. Glen Arm Construction of Columbia is the builder for the first structure, which is slated for completion by October. The Laurel office of Carey Winston is the marketing and leasing agent, and Mercantile-Safe Deposit and Trust Co. is providing financing.