Caves Valley Partners

What Caves Valley Partners does

Caves Valley Partners (CVP) is a privately held real estate development and investment firm founded in 2007 and headquartered in Towson, Maryland. The firm identifies, acquires, entitles, develops, leases, and manages real estate projects, primarily in the Baltimore metropolitan area, with a portfolio spanning mixed-use, commercial office, residential, retail, industrial, healthcare, entertainment/gaming, and municipal asset categories. It executes most projects through joint ventures with operating partners who handle construction, property management, and end-user sales, while CVP contributes capital, deal structuring, entitlement expertise, and local market intelligence. The partnership is led by four principals — Steven J. Sibel (Founder and Partner, veteran of Maryland real estate since 1985; previously founder of SJS Development Company and a real estate attorney at Frank, Bernstein, Conaway & Goldman), Arthur H. Adler (Partner, veteran since 1987; previously VP at David S. Brown Enterprises and at James F. Knott Development Corporation, and a real estate attorney), Arsh Mirmiran (Partner since 2013, development experience since 2003; founder of Mirmiran Atlantic Property Development; previously at A&R Development and as a civil/environmental engineering consultant), and Lee Seidman (Chief Financial Officer with 30+ years' financial and accounting experience, formerly Controller at Atlantic Capital Group). Jon Schulman serves as Affiliate Partner (founder of Rockpark Property Group) and was appointed to the Baltimore County Planning Board in October 2024.

The firm's go-to-market centers on deep local roots: principals hold formal civic and nonprofit roles across Baltimore-area institutions (McDonogh School, University of Maryland, Park School, Shock Trauma Center, Associated Jewish Community Federation, Signal 13 Foundation, county planning board), generating proprietary access to underutilized sites and pre-emptive deal flow. Recurring JV relationships with operating partners — including A&R Development, Greenebaum Enterprises, B&B Realty, Greenberg Gibbons, The Hanover Company, Klein Enterprises, Trammel Crow, East West Partners, The Peterson Companies, and Scottsdale Development Partners — span a portfolio of 43+ projects such as Cross Keys, Cross Street Market, Stadium Square, Towson Row, Towson City Center, Metro West (1M+ SF), Stadium Square (600+ apartments), Horseshoe Casino, The Paramount Baltimore, Kaiser Permanente (250,000 SF), Hanover Gateway, Hanover Tysons Corner, Patapsco Glen, Beech Creek, and North East Commons (600,000 SF distribution warehouse). Anchored tenants and partners include Caesars Entertainment, Whole Foods Market, Hilton (Hampton Inn/Home2Suites), Towson University, Johns Hopkins University, Kaiser Permanente, Maryland Department of Health, Navy Federal Credit Union, Chase Bank, Lowe's, MileOne Automotive, MedStar Health, and Curio Wellness.

Revenue is generated through development fees, asset appreciation, leasing income, and management fees from a diversified portfolio; the firm does not publicly disclose pricing as each transaction is individually structured. Geographic reach is primarily Baltimore metropolitan with selective expansion into Tysons Corner VA, Leesburg VA, Annapolis MD, Phoenix AZ, and Chapel Hill NC. The firm operates with a deliberately lean team (11–50 employees), relies on the JV partner model to absorb execution risk, and is positioned as a community-first, principal-led boutique sponsor rather than a scaled institutional platform.

Name

Caves Valley Partners

Legal name

Caves Valley Partners

Website

https://cavesvalleypartners.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Caves Valley Partners is a Towson, Maryland-based private real estate development and investment firm founded in 2007. It acquires, entitles, develops, leases, and manages primarily Baltimore-metropolitan mixed-use, residential, retail, office, healthcare, and industrial projects via joint ventures with operating partners, led by four principals.

Ownership category

akta.pro rank

Product category

Real Estate Development Services

NAICS

Land Subdivision (23721), Nonresidential Building Construction (2362), Site Preparation Contractors (238910)

SIC

Real Estate Dealers (For Their Own Account) (6532), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Transitional/Development Land Brokerage (Entitled, In-Path-of-Growth) (BPAJADAJ)

akta.pro secondary industry

Land & Development Site Brokerage (BPAJABAG)

Keywords

• Real estate development
• Mixed-use redevelopment
• Commercial property investment
• Joint venture development
• Urban redevelopment

Headquarters

HQ city

Towson

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Real Estate Development and Investment: CVP generates returns through investing in real estate development projects in the Baltimore metropolitan area. The firm pursues risk-adjusted returns by building developments that serve local communities, leveraging joint ventures with operating partners for development execution while providing capital and deal structuring expertise. Revenue is realized through development fees, asset appreciation, leasing revenues, and eventual property sales or ongoing management.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Caves Valley Partners invests in and develops real estate projects, primarily in the Baltimore metropolitan area, spanning residential, commercial, mixed-use, retail, healthcare, industrial, and specialty sectors. The firm identifies and assembles sites, secures entitlements, structures joint ventures with operating partners (homebuilders, property managers, financial partners), and oversees development, leasing, and ongoing management to generate risk-adjusted returns.

Product overview

Caves Valley Partners is a real estate development company founded in 2007, headquartered in Towson, Maryland. The company operates as a diversified real estate investment and development firm with a portfolio of distinct property projects spanning multiple categories: mixed-use developments (Cross Keys, Cross Street Market, Stadium Square, Towson Row, 1111 Light Street), commercial office properties (Metro West, 211 Schilling Circle, Towson City Center, 215 Washington Avenue, 54 State Circle), residential communities (Deep Creek, Beech Creek, Hanover Gateway, Johns Hopkins University Residential, Patapsco Glen, Quiet Waters, Rossville, Luskin's Hill), retail centers (Towson Station, Hilltop Shopping Center, Bowie, The Shops at Dynamite Creek, The Shops at Russell Branch, 1400 Taylor Avenue), specialized facilities (Baltimore City Animal Services, Kaiser Permanente Medical Center, Horseshoe Casino, The Paramount Baltimore, Navy Federal Credit Union branches), and industrial properties (6401-6403 Erdman Avenue, North East Commons, Riverside Wharf, 3612 Washington Boulevard, 5 West Aylesbury Road, 40 West Chesapeake Avenue, 1147 Wicomico Street, Wilkens). These projects are primarily located in the Baltimore metropolitan area with some extending to Tysons Corner VA, Annapolis MD, Leesburg VA, Phoenix AZ, and Chapel Hill NC.

Differentiator

Problem solved

Functional benefit

Products and services

• Cross Keys Comprehensive redevelopment and expansion of the iconic mixed-use property (retail, office, and new residential), originally developed by The Rouse Company, in the Roland Park community of Baltimore City.
• Cross Street Market Redevelopment of the historic City-owned public market in the heart of Baltimore's Federal Hill community into a vibrant, modernized market concept.
• Deep Creek Joint venture with Greenebaum Enterprises to acquire, entitle and develop a 131-lot single family residential vacation home development on the Wisp mountain in Deep Creek Lake, Maryland bordering the Lodestone golf course.
• Metro West Joint Venture with B&B Realty to renovate, lease, and manage a 1,000,000+ square foot former Federal Government office building adjacent to The University of Maryland, Baltimore, which is the new headquarters of the Maryland Department of Health.
• 211 Schilling Circle Lease, and manage a 125,000 square foot Class A office building in Hunt Valley.
• Stadium Square Assemblage and redevelopment of a transit-oriented mixed-use community in the historic Sharp Leadenhall community in South Baltimore, featuring 600+ apartments, three Class A office buildings projected to create over 300,000 square feet of space, and neighborhood-oriented retail space.
• Towson City Center (Altus) Acquisition and complete redevelopment of a long-vacant office building into a vibrant 180,000 square foot Class A office/retail tower, anchored by MileOne Automotive and Towson University.
• Towson Row Assemblage, entitlement, and Joint Venture redevelopment, leasing, and management with Greenberg Gibbons of a mixed-use student housing, hotel, retail, residential and office project in Downtown Towson, anchored by Whole Foods Market and a Hampton Inn/Home2Suites.
• Towson Station Acquisition, development, leasing and management effort to convert a former fire station facility into a premier retail center on a strategic corner in Towson, anchored by Chase Bank.
• 215 Washington Avenue Joint Venture with Greenebaum Enterprises to renovate, lease, and manage a 60,000 square foot 7-story office building in Downtown Towson.
• Baltimore City Animal Services (BARCS) Development and construction oversight efforts, on behalf of Baltimore City and Horseshoe Casino, for the new 40,000 square foot Baltimore City Animal Services building in the Cherry Hill community.
• Beech Creek Re-entitlement and development of a former golf course into a large residential community built by Lennar.
• Bowie Joint Venture with MFI Realty and HR Retail to acquire, re-position, re-lease and manage a 41,000 SF Safeway shadow anchored center with Dollar Tree, First Watch and numerous other retailers in the Bowie, Maryland town center.
• 17-21 East Cross Street Redevelopment of a former bank branch into restaurant space adjacent to Cross Street Market in Federal Hill.
• Easton Hospital Center Joint venture to acquire, entitle and develop a 2-acre parcel adjacent to the new University of Maryland Medical System hospital to be leased to a gas convenience store operator.
• 6401-6403 Erdman Avenue Joint Venture with Rockpark Property Group to renovate, re-lease and manage a 30,000 SF warehouse structure on the east side of the city.
• Hanover Gateway Assemblage, entitlement, and redevelopment of 5+ acres in South Baltimore into a new residential community of over 600 apartments, built and managed by Wood Partners.
• Hanover Tysons Corner Joint venture with The Hanover Company and Klein Enterprises to acquire and entitle a former Federal Government office building for the development of a new luxury apartment building by The Hanover Company in Tysons Corner, Virginia.
• Hilltop Shopping Center Joint Venture with B&B Realty and A&R Development to renovate, lease, and manage a 60,000 square foot shopping center in Baltimore City anchored by the Motor Vehicle Administration's Baltimore office.
• Horseshoe Casino Baltimore Joint venture with Caesars Entertainment, Jack (Rock Gaming), and A&R Development to develop a large-scale urban casino and entertainment district in the shadow of M&T Bank Stadium in Downtown Baltimore.
• Johns Hopkins University Residential Joint Venture with Workshop Development to acquire, entitle and develop a residential building one block from the main entrance to The Johns Hopkins University's Homewood campus.
• Kaiser Permanente Timonium Medical Center Joint venture with Brightside Associates on the acquisition and entitlement of a portion of the Timonium Light Rail station from the Federal, State and County governments to be developed into a 250,000 square foot, transit-oriented state-of-the-art Kaiser Permanente Medical Center.
• 1111 Light Street Assemblage, entitlement, and redevelopment of a one-acre parcel into an 8-story mixed-use (residential, retail, and office) project.
• Luskin's Hill Joint Venture with Cohere Development Company and the Luskin family to entitle, develop, build, lease and manage a new luxury 300-unit apartment project.
• Navy Federal Credit Union Annapolis Joint venture with Ribera Development to acquire and sell a parcel of land in Annapolis, Maryland for development into a bank branch.
• North East Commons Acquisition and entitlement of a 60-acre parcel being developed by Trammel Crow into a 600,000 SF distribution warehouse.
• Obey Creek Joint venture with East West Partners in the acquisition and entitlement of a 100-acre plus mixed use development site in Chapel Hill near the University of North Carolina.
• Patapsco Glen Joint venture with Ribera Development in the acquisition and re-entitlement of a 100 acre plus residential community in the Woodlawn area of Baltimore County built by Lennar.
• Quiet Waters Joint venture with Chesapeake Realty Partners in the entitlement and development of a residential subdivision in Annapolis adjacent to Quiet Waters Park.
• Riverside Wharf Acquisition and redevelopment of a former steel fabrication warehouse along Key Highway into nearly 50,000 square feet of retail and office space, leased to Medstar Health, Walgreens, and Core Power Yoga.
• Rossville Joint venture to acquire, rezone, entitle and develop a 79-unit townhouse development to be sold to a national homebuilder.
• 54 State Circle Acquisition and renovation of an historic office building in historic Annapolis adjacent to the Maryland State House for use by a preeminent lobbying firm.
• 1400 Taylor Avenue Joint Venture with B&B Realty to develop, lease, and manage a Lowe's Home Improvement Center and retail center.
• The Paramount Baltimore Joint Venture with Robert Goldstein, Brian Doyle and Greenebaum Enterprises to develop a new state of the art live music venue to accommodate up to 4,000 patrons along with an internal speakeasy between the Horseshoe Casino and M&T Bank Stadium.
• The Shops at Dynamite Creek Joint Venture with Scottsdale Development Partners to renovate, lease and manage a nearly 70,000 square foot Class A retail center, anchored by Ace Hardware, in the vibrant Cave Creek suburb of Phoenix, Arizona.
• The Shops at Russell Branch Joint Venture with The Peterson Companies to develop, lease and manage a 7 acre outparcel center adjacent to a Lowe's Home Improvement Center in Leesburg, Virginia including an Aldi, Virginia Tire and Battery, Exxon and Miller's Car Wash.
• 3612 Washington Boulevard Joint venture to redevelop, re-lease and manage a 25,000 SF warehouse on 1.9-acres of land on Washington Boulevard across from a Walmart Super Center.
• 28 West Allegheny Avenue Garage Joint Venture with Mid-Atlantic Properties to renovate, lease, and manage a 300-car garage in Downtown Towson.
• 5 West Aylesbury Road (Curio Wellness Facility) Acquisition and redevelopment of a former 55,000 square foot warehouse into a state-of-the-art cannabis cultivation and manufacturing facility for Curio Wellness.
• 40 West Chesapeake Avenue Joint venture to renovate, lease, and manage a 50,000 square foot, 6-story retail and office building in Downtown Towson.
• 305 West Chesapeake Joint venture to redevelop a 2-acre site by demolishing an outdated office building in Downtown Towson.
• 1147 Wicomico Street Joint venture to renovate, re-lease and manage a 60,000 SF industrial warehouse on 1.5 acres in the shadow of M&T Bank Stadium.
• Wilkens Joint venture to re-lease and manage a 2.5-acre industrial land parcel on the west side of Baltimore City.

Named customers15 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

23 partnerships are on record, tiered core, major and minor.

• Greenebaum EnterprisescoreStrategic or Co-development PartnerFrequent joint venture partner appearing on multiple projects including Deep Creek (131-lot single family vacation home development at Wisp mountain), 215 Washington Avenue (60,000 SF office building in Downtown Towson), and The Paramount Baltimore (4,000-seat live music venue).
• B&B RealtycoreStrategic or Co-development PartnerJoint venture partner for Metro West (1M+ SF former federal building adjacent to University of Maryland, Baltimore, new headquarters of Maryland Department of Health) and Hilltop Shopping Center (60,000 SF shopping center anchored by MVA Baltimore office).
• A&R Development CorporationmajorStrategic or Co-development PartnerLong-standing development partner with history on multiple projects including Cross Keys (comprehensive redevelopment of iconic mixed-use property originally developed by Rouse Company), Horseshoe Casino (large-scale urban casino and entertainment district with Caesars Entertainment), Hilltop Shopping Center, and Hanover Tysons Corner.
• Greenberg GibbonscoreStrategic or Co-development PartnerJoint venture partner for Towson Row, a mixed-use student housing, hotel, retail, residential and office project in Downtown Towson anchored by Whole Foods Market and Hampton Inn/Home2Suites.
• Rockpark Property GroupmajorStrategic or Co-development PartnerJoint venture partner with Affiliate Partner Jon Schulman for 6401-6403 Erdman Avenue (30,000 SF warehouse renovation on east side of Baltimore). Schulman is founder of RPG and was previously development/acquisitions manager at CVP.
• Workshop DevelopmentmajorStrategic or Co-development PartnerJoint venture partner for Johns Hopkins University Residential project - acquisition, entitlement and development of a residential building one block from the main entrance to JHU's Homewood campus.
• Brightside AssociatesmajorStrategic or Co-development PartnerJoint venture partner for Kaiser Permanente Medical Center - acquisition and entitlement of a portion of Timonium Light Rail station for a 250,000 SF transit-oriented state-of-the-art medical center.
• The Hanover CompanycoreStrategic or Co-development PartnerJoint venture partner for Stadium Square (600+ unit apartment community in South Baltimore by Sage Ventures) and Hanover Tysons Corner (luxury apartment building in Virginia with Klein Enterprises).
• Klein EnterprisesmajorStrategic or Co-development PartnerJoint venture partner for Hanover Tysons Corner - acquisition and entitlement of a former Federal Government office building for luxury apartment development in Tysons Corner, Virginia.
• Wood PartnersmajorStrategic or Co-development PartnerOperating partner for Hanover Gateway - assemblage, entitlement and redevelopment of 5+ acres in South Baltimore into 600+ apartment community.
• LennarmajorStrategic or Co-development PartnerHomebuilder partner for Beech Creek (re-entitlement and development of former golf course into residential community) and Patapsco Glen (100+ acre residential community in Woodlawn, Baltimore County).
• Ribera DevelopmentmajorStrategic or Co-development PartnerJoint venture partner for Navy Federal Credit Union (land acquisition in Annapolis for bank branch development) and Patapsco Glen (acquisition and re-entitlement of 100+ acre residential community).
• MFI RealtyminorStrategic or Co-development PartnerJoint venture partner with HR Retail for Bowie project - acquisition, re-positioning, re-leasing and management of a 41,000 SF Safeway shadow anchored center in Bowie, Maryland town center.
• HR RetailminorStrategic or Co-development PartnerJoint venture partner with MFI Realty for Bowie project - 41,000 SF Safeway shadow anchored center with Dollar Tree, First Watch and other retailers.
• Chesapeake Realty PartnersminorStrategic or Co-development PartnerJoint venture partner for Quiet Waters - entitlement and development of residential subdivision in Annapolis adjacent to Quiet Waters Park.
• East West PartnersminorStrategic or Co-development PartnerJoint venture partner for Obey Creek - acquisition and entitlement of 100+ acre mixed-use development site near University of North Carolina in Chapel Hill.
• Trammel CrowminorStrategic or Co-development PartnerOperating developer for North East Commons - acquisition and entitlement of 60-acre parcel for 600,000 SF distribution warehouse development.
• Cohere Development CompanyminorStrategic or Co-development PartnerJoint venture partner with Luskin family for Luskin's Hill - luxury 300-unit apartment project development.
• Scottsdale Development PartnersminorStrategic or Co-development PartnerJoint venture partner for The Shops at Dynamite Creek - 70,000 SF Class A retail center in Cave Creek suburb of Phoenix, Arizona, anchored by Ace Hardware.
• The Peterson CompaniesminorStrategic or Co-development PartnerJoint venture partner for The Shops at Russell Branch - 7-acre outparcel center adjacent to Lowe's in Leesburg, Virginia including Aldi, Virginia Tire and Battery, Exxon and Miller's Car Wash.
• Mid-Atlantic PropertiesminorStrategic or Co-development PartnerJoint venture partner for 28 West Allegheny Avenue - 300-car garage renovation, leasing and management in Downtown Towson.
• Caesars EntertainmentcoreStrategic or Co-development PartnerJoint venture partner with Jack (Rock Gaming) and A&R Development for Horseshoe Casino - large-scale urban casino and entertainment district in shadow of M&T Bank Stadium in Downtown Baltimore.
• Mirmiran Atlantic Property DevelopmentmajorStrategic or Co-development PartnerPartner on 1111 Light Street project - 8-story mixed-use (residential, retail, office) development. Founder Arsh Mirmiran leads this entity.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Greenberg Gibbons: Maryland-based commercial real estate developer specializing in mixed-use, retail, and office projects. Direct JV partner with CVP on Towson Row; comparable Baltimore-area focus, project scale, and tenant mix.
• A&R Development Corporation: Long-standing Baltimore/Washington urban mixed-use developer. JV partner with CVP on Horseshoe Casino, Cross Keys, Hilltop, Hanover Tysons Corner; highly comparable in product type, geography, and project scale.
• Greenebaum Enterprises: Baltimore-area real estate development firm. Recurring CVP JV partner on Deep Creek, 215 Washington Avenue, and The Paramount Baltimore; comparable Maryland focus and mixed-asset portfolio.
• Continental Realty Corporation: Baltimore-based diversified real estate investment and development firm with multifamily, retail, mixed-use, and office assets across the Mid-Atlantic and Southeast. Closely comparable by geography, diversification, and project profile.
• St. John Properties: Maryland-headquartered commercial real estate developer with a large portfolio of Class A office, flex/R&D, retail, and multifamily across the Mid-Atlantic. Comparable Maryland base and diversified commercial development model.
• Klein Enterprises: Maryland-based commercial real estate owner/operator and developer. Direct CVP JV partner on Hanover Tysons Corner; comparable Mid-Atlantic focus and mixed-use/office orientation.
• The Hanover Company: National luxury multifamily developer and a JV partner with CVP on Stadium Square and Hanover Tysons Corner. Comparable as multifamily developer working with capital partners on urban/transit-oriented projects.
• EYA: Mid-Atlantic-focused residential and mixed-use developer with urban infill and walkable community expertise across the DC/Baltimore region. Comparable in product type (residential and mixed-use community development) and Mid-Atlantic geography.
• Wood Partners: National multifamily developer. CVP JV partner on Hanover Gateway (600+ apartments in South Baltimore); comparable as a multifamily operating partner that assembles urban/transit-oriented residential with local developers.

Broad incumbents

• The Cordish Companies: Baltimore-based, vertically integrated real estate developer and operator with national entertainment/mixed-use, gaming, and multifamily portfolio. Larger and broader than CVP but overlapping Baltimore focus, especially around the Horseshoe Casino / downtown Baltimore entertainment district.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/caves-valley-partners-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Caves Valley Partners