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BALTIMORE-Redevelopment of the 350,000-sf Raleigh Building, a century-old office/industrial property owned by the city for nearly the last three decades, has taken a significant step forward with the Baltimore Development Corp.’s recent awarding of negotiating rights to Boston, MA-based GFI Partners affiliate GFI Properties LLC. “They have been given exclusive negotiating privileges for a 60-day period, which is currently in progress,” BDC’s Joanne Logan tells GlobeSt.com. “But this deal still has to be approved by the City Board of Estimates.”

Located at 110 Wicomico St. within the 500-acre Carroll Camden Industrial Park, the Raleigh Building, also known as the Raleigh Industrial Center, occupies a two-acre parcel and has a 2003 assessed value of just under $3 million. GFI Properties–which is working along with Woodlawn, MD-based software engineering firm Plexus Communications Group, and Baltimore, MD-based Kawasaki Group to realize the project–has big modernization plans for the property, but has not yet attached a price tag to the development endeavor. The development of a telecommunications incubator and a trade center at the property are being tossed around as potential options for part of the building’s use.

GFI has positioned itself well in its pursuit to win permission to bring new life to the Raleigh Building. One member of the group, Plexus Communications, plans to relocate its 80-person corporate headquarters to the building. The Board of Estimates is expected to make its decision on the proposal by summer’s end.

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