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BALTIMORE-Retail and residential developer ARC Properties is in the preliminary planning stages for its proposed 1.6-millon-sf, $500-million mixed-use development in Baltimore’s Inner Harbor now that it has closed on the land purchase. The Philadelphia-based developer has long had aspirations of putting its mark on Baltimore’s cityscape: the city is one of its “10″ brand mixed-use projects which are located on significant parks or waterfronts and include luxury condominiums, high-end retail, celebrity restaurants, destination spa and boutique hotels.

As part of this endeavor, ARC has closed on the McCormick Spice land site, one of the last remaining development parcels along the water. It was formerly occupied by McCormick & Co., before the factory was razed more than a decade ago. ARC put in its bid for the land more than two years ago.

The project, whose final composition is being designed in conjunction with the City of Baltimore, will consist of office, hotel, retail and residential components. Roughly, the project is expected to deliver 600,000 sf of office, 225 hotel keys, 150 residential condo units and 80,000 sf of retail. Construction is expected to begin in 2009 and will be completed in three phases.

“This is an extraordinary acquisition for our organization, and we are very excited to start the planning process of what is destined to be a remarkable mixed-use development,” says Robert Ambrosi, president of ARC. “This development project continues ARC’s aggressive growth in the luxury residential development sector.”

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