Georgia-based SJC Ventures has purchased the long-empty 2500 Riva Road property, in Annapolis, once the home of a regional Nationwide Insurance office and most recently USinternetworking Inc., for $30 million. It plans to construct a residential and retail development on the property.
To be known as Beacon Square, it will include 508 multi-family residential units, 52,000 square feet of retail and a 43,000-square-foot grocery store; Virginia-based Avalon Bay Communities acquired part of the site for a residential project.
Previously owned by Columbia-based Corporate Office Properties Trust, the building, which rests on a 12-acre property, is located across from Annapolis Towne Center at Towne Centre Boulevard and cattycorner from the Festival at Riva shopping center on Riva Road and Forest Drive.
A few years ago, the site was considered by Gates, NY-based Wegmans for a grocery store, but the deal didn’t come to pass.