Baltimore Developer to Pay $600k for West Side Parcels Valued at Twice That Much

Summary

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As part of the effort to revitalize downtown's west side, Baltimore officials Wednesday approved the sale of a large redevelopment parcel north of the city's arena for less than half its value, using money lent by the city at zero interest.

Howard Street Lofts LLC, an entity controlled by Alex Shewchuk and Sean McCarthy, principals of local firm Accent Development Co., will pay $600,000 for four adjacent properties in the 400 block of North Howard Street. They plan to build a $7.7 million mixed-use project on the site, including 7,900 square feet of retail and offices, 26 apartments and parking.

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Extract

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Baltimore Developer to Pay $600k for West Side Parcels Valued at Twice That Much

In September, the properties were valued by two independent appraisers at more than $1.2 million. And as a sweetener, the city also financed most of the developer's purchase of the properties, allowing Shewchuck and M...

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