FREDERICK, MD – Goldstar Group has acquired 24 acres of land and a 49,000 square foot warehouse in Frederick, MD and is planning to develop a new mixed-use project.
The new development is expected to lay the foundation in 2022 and is expected to deliver in early 2024.
The development site is located at 605 E. Church St. and is accessible via Interstate 270 and MD Rte. 85.
The one-story warehouse was purchased by Frederick Health Hospital for an undisclosed price. The Goldstar Group is currently marketing the vacant asset for sale to an end user. with the aim of completing the disposition in the first quarter of 2021.
The project is the Goldstar Group's first real estate project in the Frederick area. Based in Bethesda, MD, the company has developed more than $ 300 million in commercial real estate projects over the past decade, primarily in the Washington DC metropolitan area.
"We were attracted by the continued strength and dynamism of the economy in the Frederick area and are currently exploring the possibility of adding a residential element to the plan," said Michael Brodsky, CEO of Goldstar Group. "This site has been empty for many years and we intend to develop a living project that will continue the development of the eastern part of the city."
Site map of the development of 605 E. Church St. in Frederick, MD.