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Old February 25th, 2007, 10:59 PM   #1341
StevenW
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this is an interesting link I came across that I thought you guys would like to look at:
http://www.nie-ltd.com/articles/Supe...June-09-06.pdf
Kinda old, but interesting. a reminder of sorts...
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Old February 26th, 2007, 03:29 AM   #1342
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concerning the Westport development:

Over the next six months more info will become available.



Patrick Turner

President


more info will be released.
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Old February 26th, 2007, 04:26 AM   #1343
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The Design Collective website has info on Bolton Yards. It's not really anything new, but the rendering is slightly different than the one we've seen and it gives a little more detailed info. Phase I will include a five story building. 200 residences above 50,000sf of retail and 1,300 parking spaces (I guess underground).
www.designcollective.com
Click on Architecture -> TOD -> Mixed Use.
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Old February 26th, 2007, 04:40 AM   #1344
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I think it's still the same; which means they'd be above ground, like the old rendering.

nate
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Old February 26th, 2007, 04:47 AM   #1345
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You're right. It is above ground. The only difference is that they've increased the number of spaces from 1,100 to 1,300.
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Old February 26th, 2007, 11:41 AM   #1346
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500 E. Pratt building sold for $73.5M
JEN DEGREGORIO
Daily Record Business Writer
February 25, 2007 7:57 PM
A Canadian real estate investment trust has a contract to purchase one of Baltimore’s newest and swankiest office locations for $73.5 million.

IPC US REIT plans to buy 500 E. Pratt St., the 12-story, 280,000-square-foot building which was developed in 2004 by Trammel Crow Co. and is now 91 percent leased. Its tenants include law firm Saul Ewing LLP, Aon Corp. and the Reznick Group. The Capital Grille, the upscale steak house, also operates in the building’s ground floor.

IPC US REIT’s subsidiary, IPC (US) Inc., signed a contract to buy the building from its current owner, Multi-Employer Property Trust, a collection of private and public pension funds. IPC is the only Canadian real estate investment trust that invests solely in the United States.

The company expects to settle in the next three months on 500 E. Pratt St., which would be its first purchase in Baltimore. IPC owns one other property in Maryland—an office building in Rockville.

“It’s a high-quality building,” IPC’s Ming Zhu said of 500 E. Pratt St. “Baltimore is one of the markets we are focused on; we think it’s a strong market.”

IPC paid top dollar for the property, about $262 per square foot. Baltimore’s top-tier office buildings typically sell for around $200 per square foot, said Dennis P. Malone, executive vice president and principal of Baltimore-based real estate firm Colliers Pinkard. But Malone expected 500 E. Pratt St. to sell for a lower price because the building owes ground rent each year to Baltimore City Community College, which owns the land underneath the building.

The community college earns a percentage of the building’s rent revenues as payment, which has so far totaled more than $1 million each year, said Herbert Sledge, the college’s interim vice president for institutional advancement.

Baltimore’s most distinctive buildings sold for much lower prices last year, according to a year-end market report by Colliers Pinkard. The Alex. Brown office tower at 1 South St. sold for $178 per square foot, and 300 W. Pratt St. sold for about $213 per square foot.

But 500 E. Pratt St. has a unique location that makes it more attractive than the average building. It can boast views of the city’s Inner Harbor and proximity to tourist attractions, such as the National Aquarium in Baltimore. It is also next door to Lockwood Place, one of the city’s newest shopping destinations, which has a Best Buy store and commitments from retailers Filene’s Basement and P.F. Chang’s China Bistro.

“If any building is going to get top dollar, one of the locations would be on Pratt Street, particularly east of Light Street,” Malone said.

Vacancy rates for the city’s top-tier buildings have remained higher than their suburban counterparts, hovering at about 16.15 percent during 2006, according to the Colliers Pinkard report.

That compares to similar buildings in Greater Annapolis, which had a 3.7 percent vacancy rate, and in the area around BWI Airport, which had a 7.9 percent vacancy rate.

Vacancies in Baltimore’s central business district have remained in the mid- to high teens in the face of new competition this year, such as from the 510,000-square-foot First Mariner Bank building in the city’s Canton Crossing development.

But it is a good sign that a new foreign investor has entered the city, Malone said.

“It’s good for Baltimore to receive some additional foreign investment, particularly from a country that has been quiet in the last four or five years,” he said.
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Old February 26th, 2007, 01:48 PM   #1347
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Quote:
Originally Posted by tonyBmore View Post
A little of topic, but local none the less...my wife just picked up my birthday cake from Charm City Cakes ( of Food Network's Ace of Cakes). They made a gigantic Natty Boh can!! It's so awesome I had to share it with you guys.
Also, while driving home down St. Pauls St. demolition crews were doing a number on the "Mercy Rowhomes". There was only maybe 21/2 left standing as of 1:30 today.
I have to see photos of that cake. My wife and I tivo that show and watch it. The cakes look great, but do they taste as good as they look?
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Old February 26th, 2007, 02:09 PM   #1348
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I always wondered, how do their cakes taste? Was this one beer flavored? I'd love to see your cake on TV.

Five guys has signed a lease in Mt. Vernon. They are going on the first floor of the Museum Tower apartment building at Center Street and Park Avenue.
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Old February 26th, 2007, 02:48 PM   #1349
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The Five Guys store is already there. It opened last month.
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Old February 26th, 2007, 03:02 PM   #1350
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Quote:
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The Five Guys store is already there. It opened last month.
Damn Baltimore Business Journal reporting old news!
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Old February 26th, 2007, 03:05 PM   #1351
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Yeah, the Business Journal isn't always on top of its stuff. I've seen repeat contradictions before. Oh well, aside from the Daily Record, it's the best we have on this stuff.
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Old February 26th, 2007, 03:07 PM   #1352
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Quote:
Originally Posted by PeterSmith View Post
The Design Collective website has info on Bolton Yards. It's not really anything new, but the rendering is slightly different than the one we've seen and it gives a little more detailed info. Phase I will include a five story building. 200 residences above 50,000sf of retail and 1,300 parking spaces (I guess underground).
www.designcollective.com
Click on Architecture -> TOD -> Mixed Use.
I was looking at this and I really wish that architects would end their fascination with slow loading flash sites that have minimalist screens with lots of black and gray, hard to find content, slowly growing rectangles and tiny pictures. This is one of the worst. This looks like an interesting project but by the time I made my way past their gd web site, I was all PO'ed and ready to be aggravated. It ought to be mandatory that architects take a course in how to create web sites that inform rather than dole out little pictures over long spans of time.

Got that off my chest.

Back to snow shoveling.
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Old February 26th, 2007, 04:43 PM   #1353
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^Exactly! I'm cursing everytime have to go through one of them. It's like some pissing contest, or keeping up with the Jones' thing. Save the style for the architecture! Keep the website simpler and elegant.

Nate
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Old February 26th, 2007, 04:46 PM   #1354
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Quote:
Originally Posted by 30 Floors Up View Post
I always wondered, how do their cakes taste? Was this one beer flavored? I'd love to see your cake on TV.

Five guys has signed a lease in Mt. Vernon. They are going on the first floor of the Museum Tower apartment building at Center Street and Park Avenue.
Their cakes arent that good at all. They are great to look at at, but dont really taste good at all. Cal was honored in Annapolis and the mayor of Annapolis had one of those made for him and delivered to our office. It was a 3-D replica of Camden Yards. It looked great, but tasted not so great.

I'll post pics in a minute.
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Old February 26th, 2007, 04:47 PM   #1355
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Quote:
Originally Posted by baltimoreisbest View Post
Yeah, the Business Journal isn't always on top of its stuff. I've seen repeat contradictions before. Oh well, aside from the Daily Record, it's the best we have on this stuff.
Great news they're open! Finally!

I used to live at 611 Park Ave. The (extrememely overpriced convenience store, with limited hours) closed late during my stay there. I moved out in Fall of 2003. They must have closed a few months before that.

What took so long? I guess it's just the businessperson's perspective that it's the edge of civilization. That's partly true, but there's more than enough density around and though traffic to get patrons in my mind.

Nate
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Old February 26th, 2007, 04:53 PM   #1356
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Old February 26th, 2007, 04:58 PM   #1357
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^Wow, and

Wow!

You know, I don't think I'd eat it. I'd encase it in a glass box and keep it to look at!

How much does that cost?!

Nate
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Old February 26th, 2007, 05:01 PM   #1358
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I dunno. I heard cakes from Charm City Cakes cost between $2K-$5K.

The Ripken name gets us lots of free goodies in our office. LOL.
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Old February 26th, 2007, 05:33 PM   #1359
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Yeah the Biz Journal really needs to get there act together. Five guys have been open in Mt Vernon for a while now.
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Old February 26th, 2007, 05:34 PM   #1360
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Wow that cakes look awesome!!!
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