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CEDC announces developer for former Memorial Property

January 10th, 2023 by WCBC Radio

RAZ Development (“RD”) and its subsidiary, Al Lateef Properties, LLC, and the Cumberland Economic Development Corporation are pleased to announce that they have entered a contract governing RD’s acquisition and development of the former Memorial Hospital site for new market rate apartments, townhomes, and single-family homes. RD is a privately held real estate developer and asset manager located in Bethesda, Maryland with over 10 years’ experience in all phases of residential and commercial real estate development. RD was introduced to, and fell in love with, the greater Cumberland region during its $10 million dollar acquisition of 10 Commerce Drive, Cumberland, Maryland in 2021. RD has partnered with local businessman Paul J. Kelly, Jr. to lead the Memorial Avenue development. The partners are excited and well-positioned to deliver another multi-million dollar project to the region that will blend seamlessly into the adjoining neighborhoods, meet the pressing housing needs of the region, and attract new families and individuals to the area.
“This public/private partnership directly addresses the housing needs within our community that have been identified in our strategic plan and our comprehensive housing analysis.” Explains Matt Miller, Executive Director of the CEDC. “We eagerly anticipate working with RAZ as it moves through the various phases of development and detailed timelines outlined in the contract.”