Interstate 97 connection offers new opportunities 2 companies hope highway will help fill 85-acre commercial venture.

Commercial real estate

May 06, 1991|By Monica Norton | Monica Norton,Evening Sun Staff

The new Interstate 97, which connects the Beltway to Route 3, is providing not only a more direct route to Annapolis, but also new opportunities for commercial building.

The Osprey Investment Co. of Annapolis and Reliable Contracting Co. of Millersville have formed a joint venture to take advantage of the opportunities opening along the new highway.

The two companies have begun construction of Park 100, an 85-acre business community off Dorsey Road in Glen Burnie, just south of Baltimore-Washington International Airport.

"The land was already owned by Reliable, and they had always intended to build," said Jason Jacobson, vice president of Osprey and project manager for the business park. "The airport market is obviously a good one. There's tremendous access to )) 97 and the port [of Baltimore]. It's a good location for distributors who want to warehouse items."

The land is to be divided into parcels ranging from two acres to eight acres, or on a build-to-suit basis. The buildings are to be 20,000 square feet to 115,000 square feet or more, depending on the needs of the tenant.

Jacobson said Osprey and Reliable will build some of the buildings. Other parcels will be sold to companies who will do their own construction. Construction costs are estimated to be about $40 per square foot for a total investment of about $32 million for the site, he said. There is to be extensive landscaping as well.

Construction began in March on the infrastructure with the building of roads leading into the park and pipes laid for storm water management, Jacobson said.

The business park will be accessible to an extension of Route 100 between Anne Arundel and Howard counties, which is now being built and is scheduled for completion in 1994.

The construction of the first structure, a 115,000-square foot office building and warehouse, is to begin next month, Jacobson said. It is expected to be ready in October.

The $4 million building was designed by Columbia Design Collective of Columbia, which also designed the master plan for the entire park.

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