Friday, August 19, 2011

Oxford Square Seeks Density Increase

The developer of Oxford Square in Hanover may soon seek to increase the residential component of the project. According to Howard/Arundel Report newsletter, David Scheffenacker would like to “amend last year’s approval of the former Coca-Cola property to boost the density.”

Under the current plan Oxford Square would have 954 residential units and approximately 800,000 square feet of office and retail space. Presumably the office component would be scaled back to accommodate more residential development in an amended plan. 

Though David cites the state’s “smart growth” initiative as the justification for an increase it is just as likely that he sees more opportunity in residential development right now, particularly apartments. While investors have shown little appetite for office development in the current environment, they have been bullish on apartments as evidenced by new multi family projects in Arundel Preserve and Columbia.
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