Hilltop Shopping Center
The redevelopment of the Hilltop Shopping Center is a major urban revitalization project led by an experienced partnership of A&R Development, B&B Realty, and Caves Valley Partners. The project is located in the middle of a heavily travelled north-south arterial highway (MD-Route 140 also known as Reisterstown Rd). The site enjoys a high degree of visibility from Reisterstown Road. However, the shopping center has not yet reached its potential. The current center is marked by a near blighted condition and is characterized by high vacancy and a lack of strong, long term retail tenants. For these reasons, its current state draws concern from community residents, visitors, local politicians, and other key stakeholders. The developer will create a new identity and experience for the Hilltop Shopping Center. Upon completion of the redevelopment, the project will serve as the catalyst in revitalizing other portions of the Hilltop/Park Heights neighborhoods.
The first core component of the project is an assemblage of properties necessary for the relocation of a branch of the Maryland Vehicle Administration (MVA) from its current location. This State office use is the base anchor to the redevelopment opportunity and generates tremendous pedestrian traffic with nearly 500,000-600,000 visitors per year. We have a signed lease with the State of Maryland and anticipate approval by the Board of Public Works on 9/16/09. The second component, the existing Hilltop Shopping Center sits on approximately one acre, with frontage and access directly from Reisterstown Rd. The center has frontage along over half of the 5400 Block of Reisterstown Rd. and has approximately 33,000 square feet of retail, of which 80% is currently leased. The condition and quality of the retail has been compromised over time and is characterized by tenants like pawn shops and other stereotypical low income targeted retail. The existing retail center will be renovated and upgraded to enhance the retailing opportunities associated with the MVA relocation.
The finished project at Hilltop will be a stabilized anchor to a community in need of a major capital investment. We expect the completed redevelopment program to create new jobs, and increase the quality of life of the neighborhood. In our view, successful redevelopment of the Hilltop Shopping Center will be the initial catalyst in the rebirth of a newer, more modern Park Heights neighborhood.