This Week's Baltimore Deal Sheet
Baltimore's historic preservation committee approved the demolition of three buildings to clear the way for a $155M development in downtown's West Side neighborhood that includes part of the former so-called Super Block project, the Baltimore Business Journal reports.
After months of debate, the Commission for Historical and Architectural Preservation approved developer Westside Partners to demolish properties at 220, 222 and 224 West Fayette St. to clear the way for a mixed-use residential and retail building called The Compass, the newspaper reported. The developers are required to preserve the facades of 105 and 107 North Howard St.
Plans to redevelop the site as the Super Block date back to 2010 when then-Mayor Stephanie Rawlings-Blake backed a redevelopment proposal by a development group called Lexington Square Partners. But the project didn't materialize, and the city took a different approach to finding a developer for the vacant, boarded-up properties near the CFG Bank Arena .
In March 2019, the Baltimore Development Corp. put out bids for a smaller-scale redevelopment. That August, the BDC said it received nine bids to redevelop the property before eventually selecting Westside Partners' proposal in late 2020.
Westside Partners, a joint venture between Vitruvius, Landmark Partners and Mayson-Dixon Cos., has touted the project's potential to revitalize the corner in a long-neglected part of the city that in recent years attracted substantial new investment, including $250M in upgrades to the rebranded arena and a new Lexington Market building that opened earlier this year.
SALES
A firm owned by lawyer and billionaire Baltimore Orioles owner Peter Angelos sold a 35-year-old, seven-story office tower in downtown Towson for $13.55M to Mid-Atlantic Properties, the Baltimore Sun reports. According to state property records, an entity named PGA Court Towers bought the property at 210 West Pennsylvania Ave. for $14.4M in May 1996. Earlier this year, the state assessed the property's value at $12.17M.
LEASES
Retailer Floor & Decor, which specializes in hard-surface flooring for homeowners and professionals, plans to open its second Baltimore-area location at Glen Burnie Crossing. The Atlanta-based company recently signed a ground lease with St. John Properties for a warehouse store and design center. St. John Properties expects construction on the building to finish next year. Bill Holzman, vice president of retail leasing for St. John Properties, represented the landlord, and John Meyer and Brian Finkelstein of KLNB represented the tenant.
THIS AND THAT
The Baltimore Peninsula development team, led by MAG Partners, is teaming up with the social and competitive adult sports league Volo Sports to open a multipurpose sports venue called Volo Beach at the massive waterfront development. The venue will provide nearly 185K SF of space for sports leagues and other recreational uses. Volo Beach will occupy space behind a series of recently opened office, retail, residential and hotel assets totaling 1.1M SF.
FINANCING
M&T Realty Capital Corp. has provided a $2M Freddie Mac Targeted Affordable Housing Tax-Exempt Loan to preserve and rehab the Bon Secours Apartments in southwest Baltimore. The 119-unit affordable housing development financing utilizes 4% Low-Income Housing Tax Credits, M&T Realty Capital Corp.’s Sandra DeFelice said in a statement.
PERSONNEL
George Santos and Ryan Miller have joined CBRE's Baltimore office's advisory and transaction services group as senior vice presidents. Miller and Santos' roles will focus on representing local and national companies in securing leases. Santos and Miller previously worked at Savills and helped to establish that firm's Baltimore office.
