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Old March 19th, 2007, 02:57 PM   #2021
StevenW
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Cordish Co. to build Pittsburgh “Live!” project

by Rita Chappelle , The Examiner
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Current rank: # 97 of 12,672

BALTIMORE - Baltimore’s The Cordish Co. and PSSI Stadium Corp. — owned by the Pittsburgh Steelers and Columbia-based Continental Real Estate — have plans to build one of Cordish’s signature “Live!” entertainment complexes in Pittsburgh.


Dubbed Pittsburgh Live!, the project will be on the 25-acre parcel between the city’s stadiums and will consist of retail and entertainment space including shops, bars, restaurants and a 1,200-seat glass-covered amphitheater.

“Cordish is a renowned developer that specializes in these types of projects, and it will be a great enhancement to the North Shore,” Steelers spokesman Jimmie Sacco said. “We chose them because of their success in other cities. They will be a great fit for Pittsburgh.”

“The project will be comparable to other Cordish Live! Districts, such as Fourth Street Live! in Louisville,” company chairman David Cordish said in an earlier statement. “It will be a meeting place for the entire region, and an amenity not just for the North Shore but the entire downtown. Millions of visitors will come every year as they do in our other projects,”

Cordish’s Live! product was the selling point for the other partners as well.

“We wanted to be sure to do this project right,” Continental Chairman Frank Kass said in a statement. “[Cordish] is one of the country’s preeminent entertainment developers.”

To help move along the project, the Sports and Exhibition Authority, a city-county agency, will sponsor an application for a $10 million grant for tax credits to build the infrastructure to support the build out. The grant would provide tax breaks as long as the project meets state sales tax revenue goals.

The Cordish Co. has built such notable projects as Baltimore’s Power Plant Live in the Inner Harbor and the highly successful Hard Rock hotel and casino complex for the Seminole Indian tribe in Florida.

Cordish also has deals pending around other sports complexes including the San Francisco Giants, St. Louis Cardinals and Washington Nationals.

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Old March 19th, 2007, 03:54 PM   #2022
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BWI office market

Market Outlook
BWI office market positioned for explosive growth in next decade
Baltimore Business Journal - March 16, 2007by Greg Masi


Located in northern Anne Arundel County, five miles south of Baltimore, the BWI office submarket surrounds Baltimore/Washington International Thurgood Marshall Airport and includes Glen Burnie, Linthicum, Hanover and several smaller townships.

Over the past 30 years, the submarket has grown substantially. Total office inventory now equals 6.9 million square feet, 4.5 million of which is Class A space. The National Security Agency (NSA) and its contractors have played major factors in the submarket's growth, and the upcoming Defense Information Systems Agency (DISA) relocation to Fort Meade will accelerate growth exponentially over the next decade.

New office product is under construction at Corporate Office Properties Trust's (COPT) National Business Park, and is coming soon to both COPT's Arundel Preserve and Konterra Realty/Boston Properties' Mega Center development at Route 32.

The 2006 BWI area leasing activity level was steady, with just under 600,000 square feet of positive net absorption. As the market continues its steady flow, ample existing space can accommodate new tenants needing immediate occupancy.

The DISA relocation to Fort Meade will bring a significant number of new jobs to Anne Arundel and Howard counties. Several BWI office developments will benefit, including the Odenton Town Center and Preston Commons.

These developments alone could increase the existing office supply by more than 15 million square feet of space over the next 10 to 15 years. Most developers would agree that the road transportation network surrounding the Fort Meade area works for now, but will need dramatic improvements for future growth.

Conditions in the BWI office submarket are strong. As Class A office asking rents are rising to as high as $31 per square foot, this submarket is showing increased job growth. Space in the newest office buildings is leasing fairly well, and increased demand is likely to occur in 2007.

The 10-year annual average net absorption of office space in the BWI submarket is 290,000 square feet. If we use the 2006 net absorption as a benchmark, the current supply of available space, including buildings under construction, will last only 15 months.

By 2009, we will begin to see the initial results from the DISA relocation. Annual net absorption of new office space may average in the 1 million-square-foot range. Developers are poised and ready to meet the upcoming demand for new office space.

Tenants seeking office space in the BWI area will find that many initial proposals from landlords will have higher rental rates, fewer dollars for improvements and very limited incentives or concessions.

The good news is that recent transactions carefully negotiated by commercial real estate brokers have yielded some movement in rental rates, increased dollars for improvements and a variety of concessions that may include some free rent, moving allowances, architectural fee reimbursements and more.

Future rental rates, improvements and concessions will depend on the amount of competitive space available and the volume of tenants in the market looking for space.
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Old March 19th, 2007, 03:57 PM   #2023
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SunTrust building sale a go
Baltimore Business Journal - March 16, 2007by Daniel J. SernovitzStaff


The Maryland State Pension and Retirement System is moving ahead with plans to sell the SunTrust Bank building at 120 E. Baltimore St. in downtown Baltimore.

The decision to seek bidders for for the 327,000-square-foot office tower comes less than a month after Maryland Department of Transportation Secretary John D. Porcari's said the state would take Baltimore's World Trade Center off the market.

R. Dean Kenderdine, executive directive director of the retirement system, said the state still is evaluating proposals and could be in a position to announce a deal within the next few months. The state has been working with Colliers Pinkard on the sale, which has been on the market since June 2006.

Philip Iglehart, a broker with Colliers Pinkard who could not be reached for comment, previously said he expected a bidder could have been chosen by mid-August 2006. Kenderdine said the sale is moving ahead.

Porcari said he decided not to sell the trade center because of several factors, including a 52 percent vacancy rate at the building that decreased the building's market value. Porcari said the state will try to find new tenants, re-sign the building's existing tenants, and possibly try to sell the building again when conditions are more favorable.

Architectural firm stretches out
Architectural firm Ayers Saint Gross is expanding into temporary offices at the Foundry building in Locust Point. The firm plans to use that space until its new office is ready at its Tide Point headquarters.

The firm, which was recently picked to help Baltimore City officials redesign Pratt Street into a more pedestrian-friendly atmosphere, signed a lease March 1 for 3,346 square feet at the Foundry building, located at 921 E. Fort Ave.

Glenn Brix, a principal with Ayers Saint Gross, said about a dozen workers from the company's 3D visualization and image groups have moved to the new space.

"We're expanding, and our existing space in Tide Point we've completely filled," Brix said. "We can't get from here to September without taking on new space."

Brix said Ayers Saint Gross has signed a letter of intent with Struever Bros. Eccles & Rouse for about 3,500 square feet at Tide Point's Jay building. It won't be ready until Sept. 1. While the Foundry building space was seen as a temporary solution, Brix said the growing company may consider keeping the space after the additional Tide Point space is finished.
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Old March 19th, 2007, 04:01 PM   #2024
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New tax pushed for waterfront
Merchants would pay to spruce up promenade
Baltimore Business Journal - March 16, 2007by Daniel J. SernovitzStaff
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Nocholas Griner
Steve Schulhoff, co-owner of Eclectic Cafe and Creperie in Fells Point.
View Larger Baltimore City lawmakers might tax some commercial property owners along the Inner Harbor to fund the promenade's upkeep, with the goal of extending the charge to waterfront merchants currently unaffected, including those in Fells Point.

Most of the Inner Harbor merchants who would be affected by the tax have been voluntarily paying for two years but would be required to do so as part of the so-called Waterfront Management District. The Baltimore City Council's Urban Affairs and Aging Committee has scheduled a public hearing March 29 to seek feedback from council members and potentially affected property owners.


http://baltimore.bizjournals.com/baltimore/stories/2007/03/19/story1.html?f=et177&b=1174276800^1432808&hbx=e_vert
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Old March 19th, 2007, 04:33 PM   #2025
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Well, it didn't take long for them to start in a big way!





And everyone's favorite building - 414 Water Street!





Which leads me to this. Water Street and the Vue are now sold out (each project may have 2 or 3 units left at most). The Ritz Carlton Residences is 80% sold out. So there are no more NEW middle/lower upper income condos available for purchase downtown at this time. Furthermore, there is nothing breaking ground anytime soon. So by the time 300 East Pratt and 10 IH get going, there should be a significant amount of pent up demand since those units won't hit the market until, at best, 2 1/2 years from now.

Last edited by 30 Floors Up; March 19th, 2007 at 04:42 PM.
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Old March 19th, 2007, 04:55 PM   #2026
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"I heard this at Bertha's in Fells Point this weekend:

My neighbors are getting divorced.

The Judge asked their 13 year old kid if he wanted to live with his mother?
He replied; "No she beats me".

He then asked the kid if he wants to live with his father?
He replied "No, he beats me too."

He then asked well, who do you want to live with then?
The kid replied "The Orioles. They never beat anyone!"

Sorry, I couldn't resist. "


Good one Wada
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Old March 19th, 2007, 05:11 PM   #2027
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Quote:
Originally Posted by StevenW View Post

I'd like to see, (and I've said this before, I believe), a huge entertainment venue. Have a world-class indoor skatepark surrounded by seating with a large restaurant in it. Have a place where live music can be plyed. Have video games, pool tables, air hockey, and the like. Add some bowling lanes and a cinema for wide released motion pictures. Make it a "multi-entertainment" venue. Have some retail that would compliment the targeted customer. Maybe an "X-Treme Sports" Hall of Fame of some sort located there as well. ESPNZone is pretty big and it all started in Baltimore first.
Why not create a "X-Land Cafe" in Baltimore? It would appeal to young people and middle-age people. People from the city or surrounding areas could inline skate, skateboard and ride their BMX bikes there. Pros would be able to hold competitions there from time to time. Awesome music and lighting/other special effects throughout the place. Baltimore is home to one of pro-skating's greatest skaters, "Bucky Lasek". Having a place like this could help lure an "X-Games" to Baltimore.
In the 70s, the annual City Fair helped spur interest in developing Harborplace. Maybe this http://www.mddailyrecord.com/article...=734&type=UTTM
will spur interest in an "X-Land Cafe" -- possibly even in Ray Lewis's development on Russell. Trademark the name and concept now so you get a cut!
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Old March 19th, 2007, 05:28 PM   #2028
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Quote:
Originally Posted by Javalady1 View Post
New tax pushed for waterfront
Merchants would pay to spruce up promenade
Baltimore Business Journal - March 16, 2007
http://baltimore.bizjournals.com/baltimore/stories/2007/03/19/story1.html?f=et177&b=1174276800^1432808&hbx=e_vert
Leaving the "who should pay for it" question aside for a moment, a special assessment is probably a good idea. In addition to the promenade, the recently renovated West Shore Park, the future park-atop-parking at Rash Field, and the open space at Harbor Point http://www.asg-architects.com/expert...sse/index.htm# should be well maintained.
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Old March 19th, 2007, 06:04 PM   #2029
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Quote:
Originally Posted by 30 Floors Up View Post
Which leads me to this. Water Street and the Vue are now sold out (each project may have 2 or 3 units left at most). The Ritz Carlton Residences is 80% sold out. So there are no more NEW middle/lower upper income condos available for purchase downtown at this time. Furthermore, there is nothing breaking ground anytime soon. So by the time 300 East Pratt and 10 IH get going, there should be a significant amount of pent up demand since those units won't hit the market until, at best, 2 1/2 years from now. [/B]
That is great news. If the eden apartment developer set up his plans well, he can go condo in the near future and start selling.
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Old March 19th, 2007, 06:50 PM   #2030
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Is anyone aware of any expected completion date for the Zenith?

With the talk of the new condo market in the CBD being very healthy, I wonder how the rental aspect is going along.
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Old March 19th, 2007, 06:53 PM   #2031
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Nice avatar, Cgunna!!
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Old March 19th, 2007, 06:56 PM   #2032
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Quote:
Originally Posted by jamie_hunt View Post
Leaving the "who should pay for it" question aside for a moment, a special assessment is probably a good idea. In addition to the promenade, the recently renovated West Shore Park, the future park-atop-parking at Rash Field, and the open space at Harbor Point http://www.asg-architects.com/expert...sse/index.htm# should be well maintained.
Having the National Lacrosse Center in Harbor Point would be a great thing. I hope this happens. I really do.
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Old March 19th, 2007, 07:05 PM   #2033
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Quote:
Originally Posted by B'moreOrioles View Post
Nice avatar, Cgunna!!
Likewise..

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Old March 19th, 2007, 08:13 PM   #2034
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Quote:
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Having the National Lacrosse Center in Harbor Point would be a great thing.
It would be. The sport is growing and the organization is, too -- from <4000 members 15 years ago to >200,000 today. The museum http://www.lacrosse.org/museum/index.phtml is small but interesting. It would make an interesting counterpoint to the Baltimore Civil War Museum in the President Street Station http://www.mdhs.org/explore/baltcivilwar.html at Harbor East and the Douglass-Myers Maritime Park http://www.douglassmyers.org/ on the eastern edge of Harbor Point.

Not sure when the state will decide whether it'll contribute $7.5 million of the $25 million estimated cost http://www.baltimoresun.com/news/loc...ck=1&cset=true but that'll probably determine whether it goes to HP or somewhere else.
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Old March 19th, 2007, 10:23 PM   #2035
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Hollins Market

I have heard rumors that the old Hollins Market is going to be refurbished somewhat. There are plans for 2 restaurants to open near there, one in the old Cultured Pearl space and the other in the market itself. That neigbourhood has a lot of potential but everytime you hear that things are going to turn the corner, they go south really quickly and nothing much happens. There are some beautiful old Victorian houses on Union Square but a lot of the rest of that area is pretty grim and there is not a lot of foot traffic that would sustain retail or other commercial activity. I think drugs are a big problem in that area too.

Anybody out there have any information that they can share on the Hollins Market?
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Old March 19th, 2007, 10:53 PM   #2036
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The real estate there is rapidly appreciating. Part of the bad perception is simply the age of the housing stock shows it deterioration. Much of it is pre-Civil War.

I think the UMB BioPark will take care of that area.

Nate
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Old March 19th, 2007, 10:55 PM   #2037
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Not sure if anybody posted this yet, but the Lebanese Taverna opened this weekend (FINALLY!!!) in the ground level of the spinnaker bay building. Haven't been there yet, but I'm sure it won't be too long. I think its a great addition to the area.
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Old March 19th, 2007, 10:59 PM   #2038
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Re: Hollins Market area ... Here's a neighborhood web site http://www.union-square.us and the most recent newsletter http://www.union-square.us/Mar2007.pdf
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Old March 19th, 2007, 11:05 PM   #2039
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Quote:
Originally Posted by rxsoccer View Post
Not sure if anybody posted this yet, but the Lebanese Taverna opened this weekend (FINALLY!!!) in the ground level of the spinnaker bay building. Haven't been there yet, but I'm sure it won't be too long. I think its a great addition to the area.
Awesome news. While down there the other day I saw a permit in the space just east of Leb. Taverna. It said it was for Tony Foreman (I think that is his name). He and Cindy Wolf own charleston, Pazo, Petit Louis, and Bin 604. At the bottom of the permit some one had written, Osteria Rest. An osteria is an Italian wine bar. So I guess that might answer what else is going in that building.
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Old March 19th, 2007, 11:09 PM   #2040
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Quote:
Originally Posted by getontrac View Post
The real estate there is rapidly appreciating. Part of the bad perception is simply the age of the housing stock shows it deterioration. Much of it is pre-Civil War.

I think the UMB BioPark will take care of that area.

Nate
lets not forget the poppleton redevelopment. That might have an even greater impact to the area (if it happens as planned, of course). But last I heard the city had approved a large sum of money (I think about $2 million) for demolition of the area to make way for development.
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