Company Looks for New Partner in Apartments Project

The Hogan Companies said a deal to build more than 200 apartments near the fire station fell through. They are seeking a new partner.

A company looking to build apartments across from the Odenton Volunteer Fire Company said it is looking for a new development partner, after a previous builder was unable to find financing.

The Hogan Company, which owns land at Nevada Avenue and Hale Street in Odenton, said it is still committed to developing more than 200 apartments at the site, and hopes to secure a new partnership before the summer.

The company had previously struck a deal with Bonaventure Realty to develop the site, but the partnership fell through when banks failed to loan the money for construction.

"We're still in the driver's seat to find another end-user for the project," said Tim Hogan, vice president of The Hogan Companies. "We're looking for building partners and hope to find one in the near future."

The project has been alternately referred to as "Aura at Town Center" and "Alta at Town Center."

Hogan said the project would cost about $40 million, and borrowing that amount of money has become more difficult in recent months.

"Banks aren't lending $40 million lightly," he said.

Hogan's efforts to build the apartment complex have hit numerous snags over the years. Several previous partners backed out of deals of the land.

Cecilia Pfau March 24, 2012 at 02:09 AM
So just how many apartments does Odenton need? It will be such a shame if Odenton does end up like Laurel but I'm sure everybody that's made alot of money here and doesn't live in this area won't care. This really sucks, I tell you....sucks. Just smile all the way to the bank folks.
Bob March 25, 2012 at 11:22 AM
Sadly, those of left in the impact zone are forced to live amongst the construction. We can't go "to the bank" if no one buys us out. We've endured the "bombed out" looking vacant homes, the erosion of our neighborhood and the influx of train riders driving at highway speed through our neighborhood to catch the train. Not everybody wins.
Linda G March 31, 2012 at 03:28 AM
Enough with all these apartments!!!!!! I dont want to see anymore.


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