Baltimore Development Corp. seeks higher price from developer for Pratt Street parcel
The board of the Baltimore Development Corp. on Thursday voted to seek a higher price for a roughly half-acre parcel on Pratt Street, which the city is considering selling for redevelopment.
New York-based Carlyle Development Group has proposed to buy the property, a strip located between S. Charles and S. Hanover streets, from the city for $275,000, redeveloping the block with about 25,000-square-feet of retail, offices and community space in two stories.
The firm is the owner of the adjacent building, 100 S. Charles Street, which it purchased in 2015 with plans for a renovation that would reorient the site along Pratt Street, considered one of the city’s prime corridors. Morgan Stanley said last year it would locate employees there in an planned expansion of its presence in the city.
An appraisal for the BDC estimated the value of the parcel, officially located at 111 S. Hanover Street, at $1.3 million, officials said.
“We didn’t feel there was any reason to reduce the sales price for this parcel,” said Deborah Hunt Devan, who heads the BDC’s project committee.
The city has been trying to bring more retail to Pratt Street, bumping out buildings to replace wide sidewalks with stores, like the CVS and Shake Shack at 400 E Pratt Street. In November it considered three offers for an adjacent parcel at the corner of Light and Pratt streets.
Carlyle was the only group to respond to the BDC’s September request for proposals for the 111 S. Hanover Street property, officials said. The city will enter negotiations with the firm with the goal of securing the appraised value, officials said.
The BDC considered the plan at its monthly board meeting, closing the session to reporters for a period to discuss negotiating strategy.
Officials said the developer would be responsible for working out plans for the France Merrick Fountain, which is located on the block. Officials at Carlyle could not be reached for comment immediately.