Development Not Dead in Baltimore
- Feb 27, 2009
While the Baltimore market has–like most areas of the country–seen a slowdown in development activity as the economy has soured, there are still a few noteworthy projects progressing as planned. Most recently, the city of Baltimore approved selling city-owned land to developers Mark Sapperstein, Benjamin Greenwald and Joseph Haskins for a new $80 million 450,000-square-foot, mixed-use development, Hyatt at City Center.The sale was approved by the city’s Board of Estimates. The Land Disposition Agreement is for city-owned properties at 26-36 South Calvert, 110 East Lombard Street and 117 Water Street. The Hyatt at City Center will consist of two Hyatt-branded hotels–Hyatt Place and Hyatt Summerfield Suites–with a combined total of 300 keys, a parking garage with up to 300 spaces and ancillary commercial space. The Baltimore Development Corp., on behalf of the city, acquired eight properties in the block bounded by Calvert, Mercer, Lombard and Grant Streets with the intent of facilitating such a development. The BDC issued a Request for Proposals for the site and, after consideration of the proposals received, and at the recommendation of the BDC Board of Directors, City Center L.L.C. was selected as the developer. Under terms of the LDA, City Center will purchase the properties from the city for $4.5 million, which was the appraised value of the site. The Hyatt project is the latest in a series of redevelopment efforts underway in the city. Earlier this week, the BDC entered into a one-year Exclusive Negotiating Privilege with Black Oak Associates (R. Dixon Harvey)/McCrary Development (Michael McCrary) for the redevelopment of 27-acres of the former Monument Street Landfill site in East Baltimore. The property will be redeveloped as Monument Street Marketplace, an $18 million project consisting of a 247,000-square-foot commercial development center that includes183,700 square feet of retail space and 63,000 square feet of flex space in four buildings. Harbor Point is one of the last major development sites on Baltimore’s Inner Harbor. Located at the entrance to the Inner Harbor, the 27.4-acre remediated brownfield site is just south of the Inner Harbor, East Development and adjacent to historic Fells Point. The $750 million Harbor Point project (pictured) is poised to be the final component in the completion of the Baltimore waterfront revitalization, with a targeted completion of 2012. Another project, 10 Inner Harbor is a 1.8-million SF, $500-million mixed-use development on Baltimore’s famed Inner Harbor on the waterfront. 10 Inner Harbor will be ARCWheeler’s second “10” brand project where mixed-use elements located on significant parks or waterfronts include luxury condominiums, high-end retail, celebrity restaurants, destination spa and a boutique hotel. The development is on target to complete in 2010.