BALTIMORE, MD-InterPark, a parking garage operator and developer from Chicago, has completed its purchase of 300 E. Pratt in downtown Baltimore--the best remaining developable parcel of open land in the city's Inner Harbor. InterPark plans to co-develop the site into a mixed-use project and it has enlisted Cushman & Wakefield to identify a development partner. The company has also retained Forum Studio of St. Louis to complete several design concepts for the site, ranging from such uses as hotel, residential, office, retail and parking.
The company has high hopes for the project and its place in the Baltimore skyline.
"The 300 E. Pratt site provides an incredible opportunity for the right development partner to create a signature mixed use facility in one of Baltimore's most prominent locations," said J. Marshall Peck, president of InterPark.
The vacant parking lot site at 300 E. Pratt St. was once home to the News American newspaper. UrbanAmerica, a New York City-based real estate firm, acquired the 1-acre property seven years ago for $28 million and planned to build a $250-million, condominium and hotel tower there. The recession caused the firm to scuttle the project, according to the Baltimore Sun.
Earlier this summer Interpark approached Baltimore Councilman William H. Cole IV about sponsoring an ordinance that will allow the company to operate the existing surface parking lot while it pursues development.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
