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Old June 5th, 2007, 10:43 PM   #4081
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Quote:
Originally Posted by waj0527 View Post
Thanks for that. So basically, one developer is revamping the area surrounding Broadway Market?
If you look on the map Mason posted, I was on Bethel St. at about the place where the structured parking is scheduled to go.

Thanks for all of the compliments. I had a great time (I did drive to take pictures of/from Tide Point, Silo Point, and MICA). I figured people like Steven, Jeremai, and Peter, etc who live way out of the area would appreciate the update.
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Old June 5th, 2007, 10:46 PM   #4082
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Thanks for all of the compliments. I had a great time (I did drive to take pictures of/from Tide Point, Silo Point, and MICA). I figured people like Steven, Jeremai, and Peter, etc who live way out of the area would appreciate the update.
We always do. Nothing like a good Baltimore photo tour to make me hit myself for ever leaving. Thanks again, Huck.
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Old June 5th, 2007, 11:46 PM   #4083
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[QUOTE=Naterpotater;13563947]
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Originally Posted by scottbbfm View Post

I believe it is Super Linens. They are terrible commercials.
yup its absolutely Super Linens...hahahahahahahahaha.
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Old June 5th, 2007, 11:51 PM   #4084
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Quote:
Originally Posted by Huck View Post
If you look on the map Mason posted, I was on Bethel St. at about the place where the structured parking is scheduled to go.

Thanks for all of the compliments. I had a great time (I did drive to take pictures of/from Tide Point, Silo Point, and MICA). I figured people like Steven, Jeremai, and Peter, etc who live way out of the area would appreciate the update.
I do appreciate it very much, Huck.

Thank you.
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Old June 6th, 2007, 02:13 AM   #4085
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Ambulatory Care UMMS

If anyone gets a chance to check out the site for the Ambulatory Care building on Pratt take a second to look across the site @ historic Davidge Hall. It looks great from the distance of Pratt Street and this view will be very short lived. Also there is a new student center being built 1/2 block away on Lombard and new administrative offices on Lexington Street. Renderings of the Ambulatory Care Center I have yet to find but I do know the size will bee ~400,000 Sq feet.

Any way here's The Sudent Center


For more go here...
http://www.umaryland.edu/campus_center/rendering.html
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Old June 6th, 2007, 03:40 AM   #4086
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Originally Posted by BaltoSteve View Post
If anyone gets a chance to check out the site for the Ambulatory Care building on Pratt take a second to look across the site @ historic Davidge Hall. It looks great from the distance of Pratt Street and this view will be very short lived. Also there is a new student center being built 1/2 block away on Lombard and new administrative offices on Lexington Street. Renderings of the Ambulatory Care Center I have yet to find but I do know the size will bee ~400,000 Sq feet.

Any way here's The Sudent Center


For more go here...
http://www.umaryland.edu/campus_center/rendering.html
I think the Univ. of MD development of the student center and Ambulatory Care building is great, but I am a bit concerned about the design (at least of the student center, since thats all we've seen) from a Pratt St perspective. The design shown has the entrance on Lombard St and if you're familiar with the back side of it on Pratt, you know that it is sandwiched by dead space of the parking garage and back end of the library. Unfortunately, that whole side of the block of Pratt may end up being all dead space.
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Old June 6th, 2007, 04:02 AM   #4087
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[QUOTE=scottbbfm;13563797]
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Originally Posted by Xander21 View Post
Unfortunately it appears that the two horribly ugly discount stores that sit at the intersection of Fleet and Broadway are still going to be in operation. Those stores are unbelievable eyesores and although I'm sure they do great business, will stick out like a sore thumb in the new landscape.


You ever seen the commercial from that one discount place on fleet? It comes on late at night and its all around awful, but hilarious at the same time. Can someone help me out with the name? Its slipped my mind....
That would be Super Linens. God awful store but friendly owners.
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Old June 6th, 2007, 04:06 AM   #4088
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Marketplace at Fell's Point

I actually live on Bethel Street near the new development in Fell's Point (but not the same alley). This project is going to change the immediate area for the good. Those buildings lining Fleet street up to Broadway were really an embarassment to the neighborhood and I'm so pleasantly surprised that the project is moving so quickly...it's so un-Baltimore like!
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Old June 6th, 2007, 04:16 AM   #4089
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fells, is the building with the residences ontop of the garage still going to be 11 stories?
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Old June 6th, 2007, 11:58 AM   #4090
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City makes room for Westside holdouts

Jun 6, 2007 3:00 AM (1 hr 56 mins ago)
by Rita Chappelle, The Examiner

Map data ©2007 TeleAtlas - Terms of UseMapSatelliteHybridBALTIMORE (Map, News) - Westside business owner Yon Park was all smiles upon hearing the news from Baltimore Development Corp. President M.J. “Jay” Brodie that her business, Modern Mode in the city’s Superblock development area, would be spared the bulldozer and a legal fight.

“I am so happy to stay here,” Park said from her shop. “I was prepared to go to court and fight it out with the city. I own this land, but luckily I can stay.”

Park said threats from the city to displace her caused her to stop buying merchandise and expanding her business of 13 years. But the good news had her out on a spending spree.

“It has been real hard here with the loss of foot traffic,” she said. “But I hung in here, and now with the city finally redeveloping this area, I expect my business to really pick up.”

Though the city and BDC are accommodating Park, they still plan to seek eminent domain against businessman Nam Seo “George” Koo, owner of New York Fashions, and restaurateur Soon Kim, owner of Shane’s restaurant and carryout.

“We have reached the end with Mr. Koo,” Brodie said. “We will make him one final offer to relocate his business, and if he refuses, the city will move forward with its plans to seek eminent domain.”

Brodie said the city has offered Koo a smaller building for his shop in the Superblock area, but his warehouse would have to be relocated somewhere else in the city. “We don’t have the available space for both in the area,” he said.

According to Koo, splitting his business operations in half would disrupt his business.

For Park’s attorney, eminent domain guru John Murphy, who also represents Koo and Kim, the BDC’s news lessened his caseload.

“It’s funny, when I took Mrs. Park to see Mr. Brodie, the receptionist at the BDC, upon seeing Mrs. Park, said, ‘Hi Mrs. Park, has my dress come in yet?’ ” Murphy said.

“There, right inside the BDC, was confirmation that she, like Mr. Koo, have viable businesses with a following.”

Murphy said, however, that while Park’s situation was resolved, his other clients’ were not.

“In this case, I give Brodie an A-plus where Mrs. Park is concerned, but we still intend to fight him and the city on Mr. Koo’s and Mrs. Kim’s behalf,” he said. “I don’t know why the city is preferring the Weinberg Foundation to Mr. Koo, who has a highly successful business in place with stores in Towson, Owings Mills and White Marsh, as well as a loyal following.”

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Old June 6th, 2007, 12:01 PM   #4091
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Skyscraper prices might start returning to earth
Associated Press
June 6, 2007
After an unprecedented boom that saw values of skyscrapers and other commercial real-estate properties double and even triple in price, there are signs that investors and lenders are turning cautious.

Is the buying frenzy nearing its peak?

For the better part of two years, the commercial real-estate market has hummed at a fevered pitch. Prices for single buildings began popping the $1 billion mark as buyers flipped buildings and wracked up huge profits. Tishman Speyer, one of the largest landlords in New York, recently sold the New York Times building in midtown Manhattan for $525 million - three times what it paid in 2004 - without making any improvements to the building.

Many transactions were done with dazzling speed. In New York, real-estate tycoons Harry Macklowe and his son Billy Macklowe agreed in less than two weeks to pay $7 billion for eight New York buildings that were "flipped," or quickly sold, by Blackstone Group after the private-equity firm bought Equity Office Properties Trust for $23 billion.

"We do sweat details, but understood the nature of this had to be based pretty much on speed," Billy Macklowe said at the time.

Driving the boom were low interest rates and easy loan terms - similar to the home-buying boom - that allowed buyers to borrow as much as 95 percent of the value of the building, compared with roughly 75 percent historically.

In recent weeks, lenders have become worried that prices have gotten so high that buyers wouldn't be able to raise rents high enough to pay off their loans. In response, the interest rates that buyers have to pay have risen, and banks have demanded that buyers put up bigger portions of the purchase price.

The changing climate is making it difficult for some buyers to line up financing, even after putting up millions in nonrefundable deposits.

Despite the tightening, prices for buildings are not falling. Indeed, records continue to fall. On May 25, the private-equity real-estate arm of Goldman Sachs Group Inc. agreed to sell the office portion of 660 Madison Ave., a New York office building, to an Italian firm, Gruppo Zunino, for the highest price per square foot - $1,471 - ever recorded in the U.S. for that type of property, says Douglas Harmon, senior managing director of Eastdil Secured, who brokered the transaction. Goldman Sachs declined to comment.

But a person close to the buyer says that the contracted price of $375 million is "still being negotiated," and that Gruppo Zunino must conclude other deals for this one to go through.

At the root of the buying frenzy was a change in the way investors viewed real estate. In the past, buying a building was like buying a bond - you were purchasing a stream of income for years to come. If rents or the value of the building went up, that was gravy. More recently, investors started treating buildings like stocks, betting that they could sell them later at significantly higher prices. Loans were being underwritten based on predictions of future cash flow.

"It used to be people bought for the current rents, and the upside was a surprise," said Cedric Philipp Jr., managing director of Commercial Mortgage-Backed Securities Structured Finance Group for Moody's Investors Service. "Now, they are banking on the upside."

For tenants of these buildings, that means landlords will keep trying to raise rents, which were up an average of 9.9 percent at the end of the first quarter, compared with last year. But in some cities, a building boom that has coincided with the buying boom is giving tenants alternatives.

Even as rents in the nation's office buildings increased 2.8 percent on average for the first quarter of this year, office absorption - the net gain in occupied space - was off, compared with the same time last year, according to data from Reis Inc., a New York-based real-estate research firm. That's a clue that landlords could have trouble pushing rents substantially higher in the next few quarters.

In downtown Washington, sales have been predicated on double-digit rent growth in the next two years, followed by sustained above-average rent growth for several years after that.

"Past experience tells us that's just not realistic," says Thomas Carr, a partner at Federal Capital Partners in Washington. For example, sales have been based on projected rents of $80 per square foot, even though leases can be still signed today in high-quality buildings downtown for $45 per square foot, and new buildings are going up across the city.

One reason for the boom has been the growth in the commercial mortgage-backed securities market, where pools of commercial loans are packaged together and sold as securities. On April 11, Moody's Investor Service sent up a warning flare, saying that lenders had gotten too aggressive and underwriting standards had become too lax.

That warning scared investors and forced bankers to raise yields on CMBS offerings to attract investors.

For example, as of May 19, a moderately risky (rated Baa3 by Moody's) commercial mortgage-backed bond typically paid a "spread" of 2.5 percentage points over the relevant borrowing rate for a commercial bank, up from about two percentage points a month earlier, according to Credit Suisse Group. Wachovia Bank, one of the largest commercial real-estate lenders, had to pay an even larger spread - 2.8 percentage points - to sell a recent CMBS offering.

"We don't make the market. We find the market," says Bill Green, managing director for Wachovia.

Now, though, buyers are finding it harder to purchase a building and leverage it up to such high levels. For example, RFR Holding LLC, the New York based-firm headed by contemporary-art collector Aby Rosen and his partner Michael Fuchs, is purchasing a group of buildings in Stamford, Conn., from Blackstone - part of its Equity Office assets.

But RFR, which had planned to put about $50 million in cash into the deal, is now reaching out to institutional investors to raise more equity on the $830 million purchase.

"Some people are getting hit, taking more of a hit than others. We are not suffering as others maybe, but we have to readjust a little bit," says Jason Brown, president of RFR. He says that RFR still intends to close on the deal by the end of June.

Some in the market had questioned the economics of the Stamford transaction. At $500 per square foot, the price RFR paid dwarfed the previous record of $334 paid for properties in that city on the commuter-train lines northeast of New York. Moreover, Blackacre Capital Management, a subsidiary of Cerberus Capital Management, turned down a slice of the deal's debt because it believed the buildings were only worth $380 per square foot.

Demand for real estate remains strong among foreign buyers eager to take advantage of the weak dollar, and among institutional investors, who have roughly $1.8 trillion - as much as four years' worth of money - queued up ready to invest in real estate.
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Old June 6th, 2007, 03:28 PM   #4092
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Quote:
Originally Posted by Fells28 View Post
I actually live on Bethel Street near the new development in Fell's Point (but not the same alley). This project is going to change the immediate area for the good. Those buildings lining Fleet street up to Broadway were really an embarassment to the neighborhood and I'm so pleasantly surprised that the project is moving so quickly...it's so un-Baltimore like!
I have a friend that lives on Bethel Street but also not in the same block as this development. It's going to be a good feeling to see those stores go.




Quote:
Originally Posted by MasonsInquiries
fells, is the building with the residences ontop of the garage still going to be 11 stories?
I think it has been reduced to nine floors. That's the impression I got from one of the Fells Point Community meetings concerning this development. Whether it is nine floors or eleven floors, the community will still and always will be upset. They will just have to get over it.
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Old June 6th, 2007, 04:03 PM   #4093
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Originally Posted by B'moreOrioles View Post
I have a friend that lives on Bethel Street but also not in the same block as this development. It's going to be a good feeling to see those stores go.

Whether it is nine floors or eleven floors, the community will still and always will be upset. They will just have to get over it.
My kids and I used to enjoy eating at Crabby Dicks on Broadway, but there's no question that block needs a boost, which this development should provide.

As far as the height, you're right: someone will always be upset, though not necessarily the entire "community." Given the number of organizations in the neighborhood, it's tough to say who the "community" is. Here's a partial list of orgs whose "turf" this development is in:

Baltimore Hispanic Business Group, Inc., 418 S. Bond St., 410-545-6485

Baltimore Public Markets Corp., 1632 Aliceanna St., 410-276-9498

Concerned Citizens to Save Our Community, 423 S. Madeira, 410-675-0273

Creative Alliance, 3134 Eastern Ave., 410/276-1651

Douglass Place Community Association, 506 S. Bethel St., 410-563-1297

East Harbor Village Center, 250 S. Broadway, 410-534-6522

Eastern Neighborhood Service Center, 1400 Orleans St., 410-396-9468

Education Based Latino Outreach-EBLO, 606 S. Ann St., 410-563-3160

Fell's Point Antique Dealers Assn., 1708-1710 Fleet St., 410-675-4776

Fell's Point Citizens on Patrol, P.O. Box 6137

Fell's Point Community Organization, 1712 Aliceanna St., 410-276-5471

Fell's Point Development Corp., P.O. Box 38245, 410-675-8900

Board meets 1st Tuesday of the month. at 8 a.m. at True Restaurant
Fell's Point Homeowners' Assn., P.O. Box 6170

Fell's Point Visitor Center, 808 S. Ann. St., 410-675-6750

Fells Prospect, P.O. Box 38291, 410-522-4788

Greenspace Action Partnership, 410-675-6750 x 10

Mid-Point Community Assn., 2006 Fleet St., 410-675-8225

Neighborhoods United Citizens on Patrol, 2238 Eastern Ave., 2nd Fl., 410-558-3674

Polish Home Club, 512 S. Broadway, 410-276-0636

Senior Center Plus (social day services for older adults), 430 S. Broadway, 410-732-5000

Society for the Preservation of Fell's Point & Federal Hill, 812 S. Ann St., 410-675-6750

Southeast Community Development Corp., 118 S. Broadway, 410-534-0525

Southeast Community Organization, 10 S. Wolfe St., 410-327-1626

Southeast Senior Housing Initiative, 10 S. Wolfe St., 410-327-6193

Spanish Town Development, LLC

Upper Fells Point Improvement Association, 1738 Bank St., 410-340-1600

Waterfront Coalition, 2105 E. Baltimore St., 410-522-4991
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Old June 6th, 2007, 04:32 PM   #4094
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Anyone remember the advertising prank one year when they had half the people of Baltimore believing that there was going to be a giant mall built under the harbor? I think it was in the early 90's. I remember the prank but not the project/product it was for.
yeah....there were radio ads for the "loch ness mall" to be opened under water in the harbor. this 'prank' was actually a very clever survey in order to quantify the effectivness of radio advertising.
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Old June 6th, 2007, 04:41 PM   #4095
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New tower for Wilmer Institute
By Lorraine Mirabella
Sun reporter
Originally published June 6, 2007
The Wilmer Eye Institute, considered one of the world's top eye research and clinical facilities, is expanding with a $100 million building across the street from its landmark location at Johns Hopkins Hospital in East Baltimore.

Construction will start today on a six-story research and clinical center that will allow the 83-year-old institute to boost research of macular degeneration and meet an aging population's growing demand for eye surgeries.

"In terms of our surgery, we are in a situation where basically we have to turn people away now," said Dr. Peter J. McDonnell, director of the Wilmer Eye Institute. "We are maxed out with our surgical facilities. We will be able to stop turning people away and be able to meet the demand."

The new structure on the west side of Broadway at Orleans Street - paid for entirely with private donations - is scheduled for completion in 2009. It will be built as Hopkins forges ahead with a $1.2 billion redevelopment project on its 80-acre campus to replace aging structures and half the inpatient beds.

The 200,000-square-foot building, approved by state regulators last month, will feature a multistory glass atrium that will reflect the image of the dome atop the institute's historic home across Broadway. On five floors, the institute plans to consolidate researchers now scattered among six buildings, giving them state-of-the-art laboratory space and promoting interaction among scientists in formal and informal settings.

"It will allow us to put people together working on similar eye diseases who should be next to each other sharing ideas," McDonnell said. "Now, they might be located a block apart in two different buildings."

Two of the five research floors will be devoted to studying macular degeneration, a leading cause of vision loss in the 55-and-older population.

The one-floor surgical center will replace the operating rooms at the existing dome building, which was built in the 1920s and has become inefficient for the many surgeries performed to treat conditions such as cataracts, glaucoma and retinal disease. Moving all the operating rooms to a single floor could increase efficiency by 50 percent, McDonnell said.

The institute performs more than 8,000 inpatient and outpatient eye surgeries a year, but as the population ages, demand is growing at a rate of 12 percent to 15 percent a year.

Wilmer counted patients from all 50 states and 73 foreign countries among its 180,000 patient visits last year. It also conducts $25 million worth of federal and other research with a full-time staff of 130, including 90 doctors, some of whom are researchers, and 40 lab scientists.

The new building was designed by a collaboration of Wilmot Sanz and Ayers Saint Gross. Various wings of the building will be named for major donors, including Robert H. Smith, the builder-developer of Crystal City in Arlington, Va., and his wife, Clarice Smith, an artist; oil and gas executive T. Boone Pickens; and a bequest from Maurice Bendann, a Baltimore art connoisseur who directed much of his estate to the institute, McDonnell said.

The new building will be among the newer additions to Hopkins' East Baltimore campus as the hospital replaces older structures. Hopkins is building two clinical towers at the corner of Wolfe and Orleans streets, one for cardiovascular and critical care services and one for a children's hospital. Site preparation began about a year ago, with completion scheduled for 2010, said Michael Iati, director of architecture and planning for Hopkins' hospitals. A new pediatric ambulatory building on Wolfe Street was dedicated last month.

Hopkins is a major player in a hospital construction boom in the region, especially among facilities built in the 1950s and 1960s. A $200 million outpatient building is under way at University of Maryland Medical Center, and Sinai Hospital is planning a $30 million expansion of its Children's Hospital.

Franklin Square Hospital Center in White Marsh has state approval to build a patient tower to add beds and expand the emergency room. Anne Arundel Medical Center in Annapolis has approval to increase its beds, the size of the emergency room and the number of operating rooms. Baltimore Washington Medical Center in Glen Burnie has approval to add beds and obstetric service as well as to enlarge the emergency department. Howard County General Hospital in Columbia is increasing the number of its private patient rooms; and Hopkins' Bayview Medical Center is adding operating rooms.

In addition to projects approved, state health care regulators are reviewing a $292 million, 18-story patient tower for Mercy Medical Center in downtown Baltimore, and a $160 million expansion and renovation at St. Agnes Hospital in Southwest Baltimore.
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Old June 6th, 2007, 05:06 PM   #4096
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Couldn't figure out how the atrium was reflecting the dome if it was at Broadway and Orleans; realize now the atrium faces northeast at Broadway and Jefferson. Interesting how the design changed from this. Wonder who came up with the idea? Also like how the triangular window emulates light as its focused by the lens (door) onto the rentina (roofline). Broadway facade looks kinda parking garage-ish in this picture, though.
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Old June 6th, 2007, 05:10 PM   #4097
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In addition to projects approved, state health care regulators are reviewing a $292 million, 18-story patient tower for Mercy Medical Center in downtown Baltimore, and a $160 million expansion and renovation at St. Agnes Hospital in Southwest Baltimore.
So the Mercy tower has not been approved yet? Interesting.


You would think with all the Hopkins construction at the north end of Broadway and the developers rebuilding the middle half, Broadway could really be on the upswing. It just makes the reasons why the rec pier hotel delays even more bewildering.
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Old June 6th, 2007, 05:14 PM   #4098
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Originally Posted by B'moreOrioles View Post
I have a friend that lives on Bethel Street but also not in the same block as this development. It's going to be a good feeling to see those stores go.






I think it has been reduced to nine floors. That's the impression I got from one of the Fells Point Community meetings concerning this development. Whether it is nine floors or eleven floors, the community will still and always will be upset. They will just have to get over it.
It is currently 9 stories (90 ft.) and not likely to increase in height. I believe it is 5 floors of parking and 4 floors of residence. I don't believe that this building will be too overpowering as it will be stepped away from the street and away from Broadway. I definitely think that if you ask the residence of this neighborhood you would get an overwhelming approval of this project because this revitalization will really jumpstart Fell's above Alicianna St.
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Old June 6th, 2007, 05:30 PM   #4099
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[snip]You would think with all the Hopkins construction at the north end of Broadway and the developers rebuilding the middle half, Broadway could really be on the upswing. It just makes the reasons why the rec pier hotel delays even more bewildering.
Yeah, Broadway's coming along. Just guessing, but suspect the piles holding up the Rec Pier are in a more advanced state of decay than anyone figured ... if that beautiful building weren't there, they could just demo the pier and put in new footings and start fresh, like the pier homes in Fed Hill. So ... gotta look hard at the spread sheets again, and figure out where that money is coming from ...
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Old June 6th, 2007, 06:08 PM   #4100
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Here are shots of 2 of the 16 buildings going in at Holabird ave.
From what I understand, these are the warehoues, but office space will be coming soon after in a few other buildings. These two buildings alone will add 441K sq foot of new warehouse space to the city.




http://www.dukerealty.com/Properties...00&DevPark=POB

Last edited by pfd103; June 6th, 2007 at 06:16 PM.
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