BALTIMORE-A parking garage operator and developer from Chicago has purchased the former News-American site here and could be formulating plans for a possible rental apartment tower at the site.
InterPark Holdings acquired the vacant parking lot site at 300 E. Pratt St. that at one time was home to the News American newspaper for an undisclosed amount. Cushman & Wakefield of Maryland, which represented the seller—Urban American Advisors—announced the property sale on Monday.
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.
Although InterPark Holdings officials were unavailable for comment, Cushman & Wakefield reports the site could accommodate up to 600,000 square feet of development.
Baltimore Councilman William H. Cole IV says InterPark approached him about sponsoring an ordinance that will allow the company to operate the existing surface parking while it pursues development. "They made it clear to me their intent is to develop the site," Cole says. "It fills in one of the last remaining gaps on Pratt Street." See story in the Baltimore Sun.
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