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Old February 22nd, 2007, 11:02 PM   #1221
MasonsInquiries
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Originally Posted by Xander21 View Post
From the BBJ:

Brodie: Mechanic 'obsolescence' could mean demolishment for theater

BDC President M.J. "Jay" Brodie said that, based on recent meetings with the new owners of the Mechanic Theatre property, he expects sentimentality will be set aside and the building will be demolished to make way for a bigger, taller mixed-use project.

"In terms of economic development, nostalgia does not serve the city very well," he said. "Obsolescence really produces a new opportunity."

Interesting... I haven't heard word of the Mechanic being demolished before. Just plans for the developers to try to incorporate retail inside the existing space. I wonder how tall this new project could end up being?
so, the mechanic's finally gonna' get knocked down. somebody mentioned something about that building having cast iron which i think is probably the only reason it's been standing as long as it has. that's going to be hard to remove, right? i guess it's gonna' be a tough job, but somebody's gotta' do it.
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Old February 22nd, 2007, 11:17 PM   #1222
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OMG...Just a few months ago I and a few others made a comment that the Mechanic site would be perfect for a mixed used project. My guess is a pretty tall tower with a mall/retail at the base. It would be perfect especially since its right over the subway station.
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Old February 22nd, 2007, 11:39 PM   #1223
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Somebody call Trump!
Maybe he'll want to erect a, "new tallest", with his name all over it, there.
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Old February 22nd, 2007, 11:50 PM   #1224
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Hmmm...ganz intressant.

This is the first Ive heard of demolition as well. I'd be ALL for it. That'd be a great place for some height.

Xander....great avatar btw.
Thanks... hopefully both the ladies and the men will still be making some noise this time next month!
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Old February 22nd, 2007, 11:52 PM   #1225
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Since a lot of people have commented on how the Mechanic would be a good site for downtown Target, I wonder what the possibility of a two floor Target at the base of a tower would be at that site. Since I'm sure the footprint isn't big enough to do a traditional store layout. That could be pretty cool.
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Old February 22nd, 2007, 11:54 PM   #1226
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Sounds good to me.
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Old February 22nd, 2007, 11:55 PM   #1227
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BDC weighs plans for new US Lacrosse Museum, Advertising.com city retention
Baltimore Business Journal - 2:26 PM EST Thursday, February 22, 2007by Daniel J. SernovitzStaff
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Officials with the US Lacrosse Museum & National Hall of Fame hope to move the facility to an expanded site at the planned Harbor Point complex being developed by H&S Properties Development Corp. and Struever Bros. Eccles and Rouse.

Larry White, chief operating officer for development with Struever, said Thursday his firm has been in negotiations with the organization and he expects the museum will be included as a prominent part of the long-anticipated, $720 million waterfront project.


"It's one of the options, we've been meeting with them pretty regularly," White said after presenting the development's most recent plans to the Baltimore Development Corp.'s board of directors.

The current US Lacrosse facility is located at the Homewood campus of Johns Hopkins University in downtown Baltimore.

As the Baltimore Business Journal first reported earlier this month, H&S recently paid $7.3 million for its first piece of the Harbor Point project. White told the board members he hopes to break ground on the first phase of the project in May. The developers have arranged to buy additional sections of the 26-acre former Allied Signal chrome plant property as it is ready to launch subsequent phases of the project and as tenants are identified.

The first phase will include a seven-story, 262,000-square-foot office building, a 150-unit condominium building and a 225-unit apartment building. White told the BDC directors Thursday the office building will be the first of the structures to be built once the developers have gotten city permits to start laying the building's foundation. The first phase is expected to be completed by the spring of 2009.

"We look forward to the groundbreaking in May," White told the board members. The project has been planned, changed and redesigned several times since its first renderings were developed in 1993, and White noted the project has been, "long awaited, long anticipated, and I think we are, obviously, very excited."

The board also discussed several other projects and economic development initiatives going on in the city, including:

Advertising.com reaches tentative deal to stay in Tide Point
Advertising.com Board member Atwood "Woody" Collins, who chairs the board's business retention committee, said the online advertising firm has reached a tentative agreement to renew its lease and keep its workers in South Baltimore's Locust Point neighborhood. He said lawyers for the firm and Struever Bros. Eccles & Rouse, developer of the Tide Point office complex, are now reviewing the draft lease agreement.

"It looks like we're going to retain over 230 jobs over at Tide Point," he said.

Brodie: Mechanic 'obsolescence' could mean demolishment for theater
BDC President M.J. "Jay" Brodie said that, based on recent meetings with the new owners of the Mechanic Theatre property, he expects sentimentality will be set aside and the building will be demolished to make way for a bigger, taller mixed-use project.


"In terms of economic development, nostalgia does not serve the city very well," he said. "Obsolescence really produces a new opportunity."


Saval Food site gets OK
The board voted to recommend the city sell the Saval Food Corp. property to Larry Silverstein and his Union Box Co. for $500,000. The group plans to build a seven-story condominium unit at the site with as many as 40 residential units, depending on whether Silverstein can negotiate for the purchase of an adjacent property at 1181 E. Lombard St.

A & R Development, a team backed by David S. Brown which also submitted a proposal to buy the land, has a negotiating agreement with the property owner, and Brodie said the board will determine if Silverstein can buy the land instead before the deal is finished. The board's vote Thursday sends the deal over to the city's Board of Estimates for consideration and formal approval.

Opposition voiced to UMB property acquisition
Board member Francis X. Gallagher Jr. voted against a measure to sell a city-owned building on North Greene Street to the University of Maryland, Baltimore for $588,000, a move the board endorsed Thursday.

Gallagher said he was worried about whether the university would move quickly enough to move into the building, at 121 N. Greene St., and whether the city should cede the property to an entity which will not have to pay property taxes.

The university hopes to buy the building to use it as a research annex for one of its School of Medicine facilities.
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Old February 22nd, 2007, 11:58 PM   #1228
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Quote:
Originally Posted by StevenW View Post
Somebody call Trump!
Maybe he'll want to erect a, "new tallest", with his name all over it, there.
I'm on the phone with him right now!!
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Old February 23rd, 2007, 12:05 AM   #1229
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Tell him to get with it, with Baltimore! He's got a huge project in just about every other big city.
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Old February 23rd, 2007, 12:51 AM   #1230
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I think you mean to tell him to get it on ... err ... get in on it.
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Old February 23rd, 2007, 12:52 AM   #1231
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Exactly!
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Old February 23rd, 2007, 12:53 AM   #1232
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Best news in awhile. So happy the Mechanic is going down. The old proposal for One Light would be great there with the B of A right next door!
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Old February 23rd, 2007, 12:57 AM   #1233
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Speaking of that slogan, I was walking around the Harbor with my gf from Philly when we saw the sign for the slogan. She immediately said "Baltimore, Get it on!" She then realized at a closer look that she was not correct but proceeded to try and say it a couple times with a struggle before finally saying it correctly. Probably not a good sign, no pun intended.
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Old February 23rd, 2007, 01:29 AM   #1234
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Yeah, it doesn't really roll off the tongue too well.
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Old February 23rd, 2007, 03:55 AM   #1235
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IPC US REIT Announces Baltimore Acquisition
/NOT FOR DISSEMINATION OVER UNITED STATES NEWSWIRE SERVICES/

All amounts are expressed in U.S. dollars.

TORONTO, Feb. 22 /CNW/ - IPC US REIT (the "REIT") (TSX: US$:IUR.U,
C$:IUR.UN) today announced that its subsidiary, IPC (US), Inc. ("IPC"), has
entered into a definitive agreement to acquire a premier Class A property in
Baltimore, Maryland.
The property, 500 East Pratt Street, is a 280,000 sq. ft., 12-storey,
Class A office building located in downtown Baltimore on the Inner Harbor. The
property was completed in 2004, and is the newest building in Baltimore's
central business district ("CBD"). The property is currently 91% leased to a
roster of high-quality tenants, including Reznick Group, Aon Corporation and
Saul Ewing LLP. There are no lease expiries until 2012, with only
27,000 square feet expiring in the next 10 years.
The purchase price for the property is $73.5 million. A 10-year mortgage
of $58.8 million has been arranged at a fixed-rate of 5.55%, interest only for
the entire term.
"We are very pleased to announce our entry into a new east coast market,
strengthening the REIT's presence in the Boston-Washington corridor, one of
our strategic markets," said Gary Goodman, the REIT's President and CEO. "With
this acquisition, IPC will own a premier property in the greater Washington
market. This acquisition provides our unitholders with strong, stable cash
flows, with the potential to create additional value by leasing the vacant
space."
"Our continuing and successful acquisition of high quality properties
demonstrates the REIT's commitment to enhance unitholder value."
On January 30, 2007, the REIT announced that its Board of Trustees
approved a process to solicit proposals to acquire or merge with the REIT. The
acquisition of 500 East Pratt Street was substantially advanced at the time of
this announcement and will be completed in the ordinary course of business.

About IPC US REIT
IPC US REIT is the only real estate investment trust in Canada that
invests exclusively in U.S. commercial real estate. The REIT beneficially owns
an 86.6% interest in IPC which has ownership interests in a portfolio of 35
Class A office buildings, comprising a total of 10.1 million square feet of
rentable space. The units of the REIT are listed on the Toronto Stock Exchange
under the symbol "IUR.UN" for Canadian dollar quoted units and "IUR.U" for US
dollar quoted units. For more information on IPC US REIT, please visit the
REIT's website at www.ipcreit.com.
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Old February 23rd, 2007, 04:01 AM   #1236
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Quote:
Originally Posted by Xander21 View Post
From the BBJ:

Brodie: Mechanic 'obsolescence' could mean demolishment for theater

BDC President M.J. "Jay" Brodie said that, based on recent meetings with the new owners of the Mechanic Theatre property, he expects sentimentality will be set aside and the building will be demolished to make way for a bigger, taller mixed-use project.

"In terms of economic development, nostalgia does not serve the city very well," he said. "Obsolescence really produces a new opportunity."

Interesting... I haven't heard word of the Mechanic being demolished before. Just plans for the developers to try to incorporate retail inside the existing space. I wonder how tall this new project could end up being?
This is an interesting issue. Brown, the developer, should be remembered for demolishing the Samuel Owings house (Owings Mills) in defiance of its historic status. He said he would rebuild it but it never happened. Personally, I can't see keeping the Mechanic. It isn't obsolescent; it never really was a good theater. But we see Brown using the same strategy, an incremental demolition. I don't know the right answer to this.

On a similar note, my lunch time walk took me past the old houses being demolished by Mercy hospital. Demo is underway. With workers out to lunch, fences not put up yet and doors and windows gone, I did a slow walk and looked inside. What was being taken out did not look very historic. It was old carpet, drywall and aluminum studs. Once they're gone, I don't think we will miss them.
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Old February 23rd, 2007, 04:53 AM   #1237
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Quote:
Originally Posted by Javalady1 View Post
IPC US REIT Announces Baltimore Acquisition
/NOT FOR DISSEMINATION OVER UNITED STATES NEWSWIRE SERVICES/

All amounts are expressed in U.S. dollars.

TORONTO, Feb. 22 /CNW/ - IPC US REIT (the "REIT") (TSX: US$:IUR.U,
C$:IUR.UN) today announced that its subsidiary, IPC (US), Inc. ("IPC"), has
entered into a definitive agreement to acquire a premier Class A property in
Baltimore, Maryland.
The property, 500 East Pratt Street, is a 280,000 sq. ft., 12-storey,
Class A office building located in downtown Baltimore on the Inner Harbor. The
property was completed in 2004, and is the newest building in Baltimore's
central business district ("CBD"). The property is currently 91% leased to a
roster of high-quality tenants, including Reznick Group, Aon Corporation and
Saul Ewing LLP. There are no lease expiries until 2012, with only
27,000 square feet expiring in the next 10 years.
The purchase price for the property is $73.5 million. A 10-year mortgage
of $58.8 million has been arranged at a fixed-rate of 5.55%, interest only for
the entire term.
"We are very pleased to announce our entry into a new east coast market,
strengthening the REIT's presence in the Boston-Washington corridor, one of
our strategic markets," said Gary Goodman, the REIT's President and CEO. "With
this acquisition, IPC will own a premier property in the greater Washington
market. This acquisition provides our unitholders with strong, stable cash
flows, with the potential to create additional value by leasing the vacant
space."
"Our continuing and successful acquisition of high quality properties
demonstrates the REIT's commitment to enhance unitholder value."
On January 30, 2007, the REIT announced that its Board of Trustees
approved a process to solicit proposals to acquire or merge with the REIT. The
acquisition of 500 East Pratt Street was substantially advanced at the time of
this announcement and will be completed in the ordinary course of business.

About IPC US REIT
IPC US REIT is the only real estate investment trust in Canada that
invests exclusively in U.S. commercial real estate. The REIT beneficially owns
an 86.6% interest in IPC which has ownership interests in a portfolio of 35
Class A office buildings, comprising a total of 10.1 million square feet of
rentable space. The units of the REIT are listed on the Toronto Stock Exchange
under the symbol "IUR.UN" for Canadian dollar quoted units and "IUR.U" for US
dollar quoted units. For more information on IPC US REIT, please visit the
REIT's website at www.ipcreit.com.
Good find.
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Old February 23rd, 2007, 07:09 AM   #1238
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Quote:
Originally Posted by scando View Post
This is an interesting issue. Brown, the developer, should be remembered for demolishing the Samuel Owings house (Owings Mills) in defiance of its historic status. He said he would rebuild it but it never happened. Personally, I can't see keeping the Mechanic. It isn't obsolescent; it never really was a good theater. But we see Brown using the same strategy, an incremental demolition. I don't know the right answer to this.
Frankly I was having a hard time figuring out how anyone could repurpose the mechanic. A giant block of concreate in the shape of a theatre does not lend itself to many other uses.
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Old February 23rd, 2007, 07:11 AM   #1239
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Law Firm Inks 7-Year Lease at Harborplace

Duane Morris LLP Leases 20th Floor of Downtown Baltimore Office Tower

Duane Morris LLP, an international law firm, leased 12,516 square feet at 111 S. Calvert Street in downtown Baltimore. The firm will occupy the 20th floor of the 28-story tower for the next seven years.

Known as the Harborplace Tower, the 254,682-square-foot, Class A office building is across the street from Baltimore's Inner Harbor. The tower features a three-story atrium, 24-hour property management and views of the harbor and the city.

Kasey Hughes of Transwestern represented Duane Morris LLP. Kimberly Penny, David Fields and Kevin Wille represented the landlord, General Growth Properties.
Which building is harborplace tower, is this the green old Legg Mason headquarters building?
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Old February 23rd, 2007, 07:13 AM   #1240
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^Renaissance Harborplace Hotel

Nate
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