The Savage Town Center is no more. But the Annapolis Junction Town Center is ready to move ahead.
They are one and the same. But the project, located at the Savage MARC station, has a new developer in Somerset Construction. Somerset, also the developer of Arundel Preserve, is stepping into the shoes of outgoing developer Petrie Ross Ventures, a change approved at the County Council just recently.
Like Petrie Ross, Somerset will use a tax increment financing approval of up to $17 million to help underwrite the mixed-use project at Henkels Lane and Route 100, but it has also amended the approach. Somerset reduced the retail in favor of more residential, and now envisions 416 multi-family units, 17,000 feet of retail, 100,000 feet of office, and a 150-room hotel. Somerset was also able to add the adjacent Boise Cascade property, giving it a total of about 18 acres.
The $17 million TIF will go largely to build a garage that will replace the current surface parking. That garage is slated to be started this August. Somerset will have to wait until it is finished a year later to begin any other development work.