News
SHOVELS READY AT EXXON MOBIL SITE
June 9, 2011
| Yesterday BCP Investors announced it's building a 375k SF retail center at Exxon Mobil's long-vacant parcel off Boston St, signaling that even in gun-shy Baltimore, shovels will hit dirt if demand is really there. |
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| Chesapeake Real Estate Group principal Neil Tucker (who formed BCP with colleague Doug Schmidt and Birchwood Capital Partners' David Strouse) tells us Canton's been underserved from a retail standpoint for years. Exxon has owned the site since the 1890s, and he, Doug, and David jumped on the opportunity when they learned the gas company was willing to part with it: ?It's a high-profile site, and we bought it because demand is there. We're still in the planning stage, but we've gotten an exceptional response from retailers.? Phase 1 (275k SF) kicks off in early 2012 on 20 acres of the 31-acre site. Once Exxon fully vacates the eastern end of land, BCP will add another 100k SF. It's too early to say what the tenant mix will be, Neil says, but it's open to all retailer types. Right now it's being self-financed, but he tells us BCP will put debt on the property once construction starts. |
