Continental Realty Corporation Initiates Redevelopment Strategy At Former Ocean Plaza Mall In Ocean City, Maryland

BALTIMORE, MD (June 5, 2026) - Continental Realty Corporation (CRC) has initiated redevelopment activities at the former Ocean Plaza Mall, located at 9401 Coastal Highway in Ocean City, Maryland, a strategy that will transform the asset into a nearly 60,000 square foot grocery-anchored retail shopping center. CRC, a Baltimore-based real estate investment and management firm, completed the demolition of the former Roses Discount Stores building earlier this year and is now constructing a new 48,000-square-foot grocery store for existing tenant ACME Markets. The project will also include approximately 11,000 square feet of additional in-line retail space, and the shopping center will be rebranded as Bayside Shops at 94th. ACME Markets will continue operating at its current location throughout the construction period before relocating to the new store.

"Bayside Shops at 94th is strategically located along Ocean City's main corridor, and we are working closely with town officials to deliver a redevelopment that serves the needs of residents, businesses, and visitors," said Kristina O'Keefe, Vice President of Commercial at CRC. "Preserving ACME Markets is central to our plan, alongside attracting restaurant and retail uses that serve the needs of the community and Ocean City's millions of annual visitors."

CRC acquired the 17-acre property, which fronts Coastal Highway and 94th Street, in 2004. The company also sold land to NVR Homes, which plans to construct townhomes on two sites adjacent to ACME Markets. CRC is targeting late 2026 or early 2027 as the completion date for its redevelopment strategy. Roses Discount Stores ceased operations at the site in 2024.

"For more than twenty years, residents, property owners, and visitors have inquired what will become of the former Ocean Plaza Mall property and when will redevelopment finally begin, and now I am able to share that Continental Realty Corporation is moving forward with a significant mixed-use redevelopment of this long-underutilized site, which represents among the largest remaining parcels in our community," stated Ocean City Mayor Richard Meehan. "Their redevelopment plan is an important investment in North Ocean City and will bring meaningful benefits to our community, including enhanced services, improved accessibility, and renewed vitality to this key corridor."

"We are confident that CRC will deliver a high-quality, transformative project that honors the character of Ocean City while supporting our long-term vision for sustainable growth," Mayor Meehan added. "We look forward to working with CRC as this exciting project moves ahead and celebrating the positive impact it will have on our residents, our business community, and our visitors for many years to come."

Approximately 7,000 people reside in Ocean City on a year-round basis, with summer weekends attracting up to 350,000 visitors and special events such as the White Marlin Open drawing thousands of spectators and participants.

Baltimore-based ARA Construction Corporation is handling general contracting activities. The architect is DeBarbieri Architects in Rutherford, New Jersey, and the civil engineering firm of record is Vista Design, based in Showell, Maryland.

Founded in 1960, Continental Realty Corporation is a vertically integrated, privately held commercial real estate investment and management company specializing in the acquisition and operation of retail and multifamily properties. CRC owns and manages a diversified national portfolio of more than 10 million square feet of retail space and more than 10,000 apartment homes across 16 states, with a total value of approximately $5 billion. Guided by a commitment to excellence and long-term value creation, CRC combines market insight, disciplined investment strategies, and a people-first approach to deliver exceptional results for investors, residents, and communities.

For additional information, visit www.crcrealty.com.

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