Sale of city properties expected for 2 projects
Parcels to be developed are on Howard and Pratt streets
The Baltimore Board of Estimates is expected to approve the sale of city-owned properties that are slated for redevelopment.
The board, controlled by Mayor Catherine Pugh, meets this morning.
The first deal involves five vacant buildings in the 400 block of North Howard Street near the Enoch Pratt Free Library. The developer intends to convert the property into 39 apartments with shops at street level.
The property was appraised at $610,000, according to the board’s agenda, but the Baltimore Development Corp. is seeking approval from the board to sell the buildings for $175,000.
Susan Yum, a managing director at BDC, said the city will benefit from tax revenue generated by the project and continued improvement to the west side of downtown.
“It's better to activate these properties rather than just having empty, blighted buildings becoming an eyesore,” Yum said.
Developer Poverni Sheikh Group initially proposed buying the property for $75,000, but Eugene Poverni, one of the firm’s principals, said the final price was “within the realm of fair.”
Poverni said his company is finalizing financing for the project and expects work to begin in the first half of 2018.
The section of Howard Street has long been semi-abandoned but Poverni said he’s encouraged by the development along Park Avenue to the north and the plans to overhaul Lexington Market to the south.
“We’re seeing good things from all directions,” he said.
The board is also expected to approve the $1.5 million sale of a parcel on East Pratt Street in front of the Transamerica Tower. Corporate Office Properties Trust, which also owns the tower, is proposing a low-rise retail center at the site.
The project is part of a bigger city plan to encourage more businesses at street level along Pratt Street.
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