Following a marathon special meeting on Thursday evening, July 23, an unprecedented number of members of the Greenbelt Homes, Inc. (GHI) housing cooperative voted and, by a nearly 4 to 1 margin — 580 yes votes to 156 no votes — gave the GHI Board the authority to investigate and proceed with the purchase of 121 Centerway. The building, an anchor of Roosevelt Center, hosts the Greenbelt Co-op Supermarket and Pharmacy and the Greenbelt Arts Center, with a lower-level space currently vacant.
The vote means that the purchase can go forward if certain financial, property condition and other due diligence contingencies are met to the board’s satisfaction.
The Proposed Purchase
The current building owner Glen Burnie Partners has agreed to the sale of the building for $3.5 million. An appraisal commissioned by the National Cooperative Bank gave the property a current market value of $3.8 million. The basic structure of the deal would be a downpayment of about $875,000 and a 30-year mortgage for the rest, with the National Cooperative Bank as the likely lender. Rent paid by the tenants would cover the mortgage payments.
The subject of the purchase was previously discussed with members at both a GHI Town Hall on April 9 and at the GHI Annual Meeting on May 14 (see April 16, 2026 and May 21, 2026 News Review issues.) The Co-op store had reached out to GHI as a fellow cooperative suggesting that GHI buy the building and become the new landlord, allowing the Co-op to invest in renovations and modernization of the grocery store. At the annual meeting, the GHI membership authorized its board to expend $30,000 to investigate the legal and financial issues surrounding the purchase of the building.
Results of Due Diligence
The meeting on July 23 featured a presentation by the Property Purchase Task Force on the results of those investigations and financial projections of various scenarios should GHI — or its wholly owned subsidiary, Greenbelt Development Corporation (GDC), which manages the Parkway Apartments — purchase the building.
A crowd of around 250 members packed the Youth Center and many more listened in via Zoom. The original Zoom capacity was quickly reached; staff were able to add more so all who chose to listen in could.
Carl Sanders, chair of the Task Force, made the presentation of the information gathered to date along with projected scenarios should GHI buy the building. An engineering firm had conducted an inspection of the building’s condition and delivered results and expected cost projections. Most systems — foundation, framing, exterior walls, electrical — were noted to be in good condition. HVAC, plumbing (particularly the lower-level pipes) and fire systems need attention, with immediate repair costs estimated at just under $22,000. He also provided details about expected ownership costs, the greatest of which, approximately $200,000, are for finding a tenant for the currently vacant lower-level space and getting that space ready for occupancy.
Sanders stressed that this is a long-term investment, with the risks involved in any commercial real estate deal. He outlined two scenarios (“good” with Co-op renewing its lease when it expires in 2037 and “bad” when GHI has to find a new tenant and the space is vacant for an extended period). In each of these, the provision projection is that the mortgage is paid off by year 30 and the positive cash flow puts downward pressure on member fees.
Member Concerns
Members had many questions following the presentation. Many wanted more information on the state of Co-op finances and their viability as a tenant. Other concerns were raised about the building condition — how accurate were the estimates for repairs? How difficult and expensive would it be to find a tenant for the lower level? Would this purchase make GHI members’ monthly fees rise? What about the Greenbelt Arts Center?
Sanders and GHI President Stefan Brodd responded to the various concerns with reference to the presentation, written copies of which were available to all members. Brodd stressed that the GHI Board had taken no position but was providing the members with the information obtained through the due diligence undertaken in response to the vote the members took at the May 14 meeting.
Other members pointed out that information about the Co-op was available at the Co-op’s annual meeting, the May 14 GHI annual meeting and the Co-op’s monthly membership meetings. One noted that the Co-op has never missed a rent payment to its current landlord.
Debate on the Resolution
Debate on the actual resolution focused more on strategic considerations than financial minutiae. Both life-long members of 70 or more years and more recent arrivals spoke of the value of having a grocery store in the center of town, within walking distance for many, and as anchor to Roosevelt Center. Many found the process challenging and frustrating, but recognized that the board needed flexibility for negotiating and that decisions sometimes must be made without having all the information desired.
Ringing endorsements of the purchase came from multiple members, calling it in the best interest of all, now and for the future. They looked to the long-term benefit for themselves as GHI members and Greenbelt residents and for the community as a whole, with the Co-op being “the heart and soul” of Roosevelt Center, with its future and the Center’s intertwined. One member noted that when GHI was founded as a cooperative, buying their homes from the federal government, it was a radical idea and the founders did not have all the information about how it would work. But they had the vision to do something different and made things better for future generations.
The debate ended with sustained applause for those speaking in favor of the purchase. Voting began when the meeting recessed at approximately 10:30 p.m., and continued through 8 p.m. Friday, July 24. The enormous voter turnout and positive results were announced by 8:37 p.m. that night.
GHI posted a video of the entire July 23 meeting (2 hours, 57 minutes), with the presentation and original meeting notice at ghi.coop/special-meeting.
