Large-scale project represents last major development parcel remaining in the MD Route 24 corridor
Construction is underway on Bel Air Village, a 35-acre mixed-use community located in the Bel Air section of Harford County, Maryland that, upon completion, will consist of more than 115,000 square feet of commercial office space, 252 multifamily units and 24 townhomes. Developed by Baltimore-based ARLS Properties, LLC, the initial phase of the project, which represents the last large-scale development parcel remaining in the MD Route 24 corridor, is expected to be delivered in late 2023. MacKenzie Commercial Real Estate Services, LLC has been selected to oversee all retail leasing activities, with Sean Langford, Vice President and Tom Fidler, Executive Vice President and Principal, handling the requirement on behalf of the brokerage firm.
Bel Air Village features roadside visibility and access to both MD Route 24 (Veterans Memorial Highway) and Emmorton Road and is adjacent to Festival at Bel Air. More than 43,000 vehicles pass the site on a daily basis via MD Route 24, with an additional 20,000 driving by each day using Emmorton Road. Downtown Bel Air is approximately three miles away and Aberdeen Proving Ground, with more than 7,500 civilians and 5,000 military personnel on-site is less than 15 miles away.
The retail component will consist of four free-standing buildings, ranging from approximately 7,000 to nearly 11,000 square feet of space, as well as five pad sites ranging from one to two acres that each front on Emmorton Road. The multifamily product will be the first real estate asset class to be constructed at Bel Air Village, with the construction of a four-story building containing approximately 50 rental units. The additional multifamily buildings will be built next year.
“The Harford County business and residential population continues to grow, and we believe there exists numerous restaurants and retailers that will be attracted to the captured audience of Bel Air Village, as well as the more than 32,000 people which reside within a five-mile radius of the site,” explained Sean Langford of MacKenzie Commercial Real Estate Services. “Potential users that we are targeting include a craft brewery, fast-casual restaurants, the medical and healthcare category and soft-goods. The Route 24 corridor is considered a highly-desirable location and, based on the initial interest already generated, we are confident that is a long runway for new retailers to expand into the area.”
Nearly 25,000 households, with an annual average income approaching $125,000, are contained within a five-mile radius of Bel Air Village and the daytime population is nearly 67,000 people.
According to information from Harford County Economic Development, more than 260,000 people live in Harford County and the unemployment rate is less than 4%. The median household income for Harford County is more than $94,000 and the media age of its residents is less than 40 years of age.
“The retail and restaurant category turned the corner more than one year ago, with consumers returning to traditional brick and mortar sites in pre-pandemic numbers and sales showing steady gains,” Langford said. “This trend is especially prevalent in areas with above-average demographics such as Bel Air and Harford County. The area remains ripe for retailers and end-users interested in increasing its presence or expanding into a high-performing market.”
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