M
CB Real Estate, a Baltimore-based developer, has partnered with Osiris Ventures to acquire a $47.5 million property in Brooklyn's Bay Ridge section. The 14-lot assemblage at 458 86th St., formerly home to the Century 21 department store, will be transformed into "Century Marketplace," a state-of-the-art retail hub.

    The project aims to fill a gap in quality retail options for the area's growing population. Renovations, set to cost $100 million, will reconfigure the multi-story structures facing 86th Street into a two-story building with an interior atrium. The property will feature 95,000 square feet of retail space, designed to attract a grocery store and essential services.

    This acquisition marks MCB's second major venture in Brooklyn this year, following a $209.5 million residential deal in Fort Greene last month. "We're excited to apply our expertise in optimizing urban retail developments in Brooklyn," said David Bramble, managing partner of MCB.

    Construction on Century Marketplace is expected to begin this year, bringing new life to the long-vacant property and meeting the demand for quality retail options in Bay Ridge.