Residential Sales and Retail Leasing Activity Remains Brisk at 108-Acre James Run in Harford County
Development group recently concludes land sale with Park Avenue Lifestyle for new $70 million independent living and assisted living project featuring 160 apartments, with completion set for 2025.
Sales and leasing activity remains ahead of schedule across all asset classes at James Run, a new 108-acre mixed-use development currently under development in Harford County, Maryland by JEN Partners, a New York-based real estate private equity fund. Since initiating residential sales in late 2021, approximately 190 single-family and townhomes have been sold by Ryan Homes, (NVR, Inc), more than 25,000 square feet of retail leasing has been executed and, recently, a land parcel was sold to Park Avenue Lifestyle for the development of a 160-unit independent and assisted living project. Baltimore-based Craftsmen Companies is the development manager for James Run and MacKenzie Commercial Real Estate Services serves as the project’s exclusive leasing broker.
“Despite headwinds provided by lingering inflation, escalating construction costs and an uncertain economy, sales and leasing activity at James Run remains ahead of schedule in our mission to deliver a best-in-class mixed-use community to the residents and businesses of Harford County,” explained Conor Gilligan, Maryland Regional Partner for JEN Partners. “We have incorporated every important element into this development to satisfy the real estate needs of a wide range of stakeholders. As evidenced by the extremely strong sales velocity, homebuyers have embraced James Run as a community where they can raise a family or retire. We are making tremendous progress in cultivating uses and attracting the final pieces to this one-of-a-kind community.”
At final build-out, which is expected to occur in 2025, approximately 1500 people are expected to live in James Run. Residential asset classes include approximately 190 age-targeted villas and 80 townhomes; 304 multifamily units and a 160-bed independent and assisted living project. The James Run Apartments will be managed by Thomas Builders, Inc. Other elements include more than 57,000 square feet of retail space featuring sit-down, fast-casual and quick-service restaurants, more than 20,000 square feet of office/medical space, various other boutiques and shops and a five-story hotel and conference center with 125 rooms.
James Run fronts MD Route 543 (Creswell Road) and is positioned directly off Exit 80 of Interstate 95. Nearly 100,000 people reside within a five-mile radius of the site, including more than 36,000 households with an average household income exceeding $103,000. The mixed-use community is approximately three miles from the historic area of downtown Bel Air, four miles from Boulevard at Box Hill and Wegmans Food Markets; six miles from Harford Community College; seven miles from Aberdeen Proving Ground and 12 miles from downtown Havre de Grace.
Two family-style sit-down restaurants and Starbucks Coffee highlight leasing activity
More than 25,000 square feet of restaurant and retail space has been leased at James Run. This activity is highlighted by a Royal Farms gas station and convenience store which is currently open, a Starbucks Coffee free-standing use which is expected to open this October and the impending lease signing with Kiddie Academy, and two family, sit-down restaurants in the family steakhouse and Italian categories. In addition, a pad site has been sold to Wine World Concept which is proceeding with the development of a free-standing building housing the use. A number of other restaurants as well as complementary shops and boutiques will be added to the tenant mix.
“End-users have been attracted to the eventual captured audience of 1500 residents that will live in James Run at final build-out, as well as the robust nearby demographics that will bring sustained daytime, evening and weekend visitors,” explained Sean Langford, Senior Vice President of MacKenzie Companies. “Our success in attracting several regional and national brands has provided important momentum that we will leverage to lease the remaining spaces. Several high-demand drive-through pad sites are available and we are in active conversations with various users that offer compelling concepts.”
Park Avenue Lifestyle to open first Maryland-area senior living residence
Orlando-based Park Avenue Lifestyle, in partnership with Bob Bourne and the Bourne Financial Group, are proceeding with its five-story senior housing residence concept. The land sale was brokered by Hogan Companies. The $70 million independent and assisted living project will include a memory care neighborhood, on-site fitness center offering health and wellness programming, various multi-use space for events and activities, multiple outdoor courtyards and walking paths providing connectivity to the community. Residents will have access to a range of dining options including an in-house restaurant and pub. The ownership group currently operates senior living facilities in Arizona, North Carolina, Oregon Tennessee and Washington.
“There remains a pressing need for quality senior living in Harford County and Park Avenue Lifestyle fulfills our vision for bringing a highly-respected and successful operator to James Run,” Gilligan said. “This use will allow seniors to remain in Harford County and be close to family and friends, while enjoying a vibrant and fulfilling lifestyle as provided by on-site services and nearby amenities.
With this recent activity, James Run is approximately 50 percent complete.
“This site was originally intended for additional Class A office space to support the commercial and government uses at Aberdeen Proving Ground, as generated by the last Base Realignment And Closure process,” added Gilligan. “We believe this pivot to residential, senior living and retail uses more closely aligns with the long-term needs of various Harford County audiences.”
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates six full-service divisions addressing all real estate asset classes including MacKenzie Management Company, LLC, MacKenzie Contracting Company, LLC, MacKenzie Capital, LLC, MacKenzie Investment Group, LLC and MacKenzie Multifamily Management, LLC. The company provides customized real estate solutions for institutional owners, investors, private companies and individuals. For additional information, visit www.mackenziecommercial.com.
