A new development is in the works that will transform Columbia's Crescent land into a thriving retail and office district. Recently, six office buildings were bought in Columbia by Howard Hughes Corp. for $130 million, the highest price paid in an office transaction in the region this year. With the Merriweather District, Howard Hughes will create more spaces for restaurants, entertainment venues, and offices.
The $1 billion project will create 400,000-square-feet of office space topped by apartment towers and a hotel. With this deal, the developer will control 1.1 million-square-feet of commercial space, more than half of the office space in the immediate downtown area, according to Baltimore Business Journal. Construction is slated to begin in 2016.
· First look at Howard Hughes' $1B plan for Columbia's Crescent land [Washington Business Journal]
· Howard Hughes Corp. pays $130M for GGP's Columbia office portfolio [Baltimore Business Journal]