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Old March 14th, 2007, 11:50 AM   #1921
StevenW
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B&O building to get hotel
ARCWheeler to launch upscale ‘10’ brand in 100-year-old structure
JEN DEGREGORIO
Daily Record Business Writer
March 13, 2007 5:53 PM
Baltimore’s historic B&O office building, which in September celebrated its 100th birthday, is slated for a makeover as a boutique hotel.
ARCWheeler, the Philadelphia firm developing a 59-story skyscraper on land where McCormick & Co. once ran a spice plant, has a contract to purchase the property. It intends to use the 13-story building at the corner of Charles and Baltimore streets to launch its new “10” hotel brand, according to the company’s Web site. The $55 million project would convert the B&O’s building’s top seven floors into hotel space, while keeping offices in floors two through six.

“It’s one of Baltimore’s grandest buildings,” said Jeff Pacy, vice president of Preston Partners Inc., the company representing ARCWheeler in the sale. “They’re going to highlight the history and the architecture and the beauty of the building.”

Built in 1906 as a headquarters for the Baltimore & Ohio Railroad, the Beaux Arts-style edifice opened two years after Baltimore’s Great Fire and was celebrated as a sign of the city’s survival. But a century later, the H-shaped property is considered a second-tier office location and is only 60 percent full, according to Pacy. It comprises 256,400 square feet of space and is worth $14.7 million, according to data from the State Department of Assessments and Taxation.

ARCWheeler thought its unique design and lavish details, such as stained glass and marble floors and staircases, would be perfect for a boutique hotel, Pacy said. The company’s Web site describes the “10” hotel brand as including “hotel, office and retail space … located in buildings of grandeur in prime locations.”

Neither ARCWheeler nor Pacy would provide further details.

Baltimore’s thriving hotel market, which had an average occupancy rate of 71 percent last year, was another draw. ARCWheeler is the latest in a line of investors that have been buying up downtown’s older office buildings and redeveloping them as hotels.

The Keyser building at 207 E. Redwood St. is being converted to a Hotel Indigo, a brand owned by Intercontinental Hotels Group. Three buildings are being combined at the corner of Redwood and South Charles streets for a yet-to-be-named hotelier, and a Red Roof Inn is slated for the intersection of Park Avenue and Saratoga Street.

In all, the city had 1,301 hotel rooms under construction last year and another 794 rooms planned for this year, according to data from the Downtown Partnership of Baltimore Inc.

“You’ve got a lot of positive activity right near the B&O,” Pacy said.

Conversion of older office buildings has been a boon to some of the city’s newer buildings, bringing overall vacancy in city offices to 11 percent last year, from 13 percent in 2005, according to downtown partnership data.

“I think there is a trend afoot that assets have gotten to a tipping point in their life cycle where they are becoming something else,” said Owen Rouse, a senior vice president and partner with Manekin LLC, a Columbia-based real estate firm. “I think that’s a good thing; it evidences the recyclability of the assets.”

Pacy said the B&O redevelopment would not affect ARCWheeler’s plans to erect a massive $360 million skyscraper at 414 Light St., the former site of McCormick’s spice plant.

“I think they’re very different projects,” Pacy said.

Plans for 414 Light St. include a hotel, 285 condominiums, a spa and retail space. Dubbed 10 Inner Harbor, the tower is slated for completion in 2009. ARCWheeler has yet to break ground on the site.

“They’re fine-tuning everything at this point,” Pacy said.
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Old March 14th, 2007, 11:55 AM   #1922
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Pittsburgh financial service set to boom in Baltimore

Mar 13, 2007 3:00 AM (1 day ago)
by Dave Carey

The headquarters of Mercantile Bank in downtown Baltimore. BALTIMORE - PNC is staking its claim on the Baltimore banking market.


A financial services organization, the Pittsburgh-based PNC recently finished its acquisition of Mercantile Bankshares Corp., a Baltimore-based holding company. This means that come next fall, there will be a new major player in the Maryland banking scene.

“We need to seed our brand, and we know that not enough people know the PNC name in Baltimore,” said Brian Goerke, spokesman for PNC. “We are going to do some unique things.”

To acquire Mercantile Bankshares, PNC Financial Services Group Inc. reimbursed shareholders with more than 0.4 of a share of PNC common stock and $16.45 in cash per share of Mercantile owned, The Examiner reported Feb. 17. This compensation translated into a nearly $6 billion acquisition.

As for making a niche in a market that already contains household names such as M&T Bank, K Bank, First Mariner and Columbia, PNC looks to build its reputation off of community involvement. Most notably in Baltimore, the PNC Foundation, the charitable arm of PNC, donated about $1 million at the beginning of the month to the Baltimore Symphony Orchestra to help cut ticket costs to $25 per seat.

PNC is also taking a consumer-friendly approach by offering free ATM services to all Mercantile customers at its own existing branches. With early fall as a potential target date, a local account holder with Mercantile will see the change-over to a PNC account, along with branches and signs changing to fall under the company umbrella in mid-September.

The long-term success of PNC in the area market remains to be seen. PNC is currently on the borderline of “out performance [buy]” and “market performance [hold],” said a report from Friedman, Billings, Ramsey & Co. Inc., a national investment banking and analysis firm. While straddling the border, the report stated that PNC will have market hurdles to deal with, such as a “sustained low interest rate environment” and “substantial competition in PNC’s primary markets.”

“PNC will be an effective competitor,” said Gary Townsend, a senior vice president at FBR. “They are pretty big in the area, especially after the Mercantile acquisition, and should be a strong competitive source in the Maryland area.”

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Old March 14th, 2007, 06:23 PM   #1923
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Originally Posted by Baltimoreborn1 View Post
I dont know if I should do this, but I know alot of you all are diehard baltimore sports fans, so I figure some of you may remember the old Baltimore Colts .I saw on the news this site that is trying to get the Football Hall of Fame to recognice the Baltimore Colts separatly from Indianapolis. They said Johnny Unitas is labeled as a player of the "Indianapolis Colts", which made me sign.

http://www.coltsheritage.com/

I hope I didnt break any rules.
I am very much interested! The other day I was at Arundel Mills and saw a woman wearing a sweatshirt that said, "Indianapolis Colts Football Club: Founded 1956." It took every bit of strength I had in me to keep from lecturing her about how wrong her sweatshirt was.
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Old March 14th, 2007, 07:31 PM   #1924
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Au revoir, Perkins Homes?

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Originally Posted by NewBaltimore1980 View Post
They need to knock down the Perkins Homes
Agreed. The periphery of PH -- Central Ave-Baltimore Street-Broadway-Fleet Street-- is doing well. If Albemarle Square (nee Flag House) is successful, might happen. But the resistance of McCulloh Homes residents to the redevelopment of State Center suggests it won't be easy. Plus, PH residents would need a decent place to go to.
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Old March 14th, 2007, 08:09 PM   #1925
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Baltimore's next tall?--400 East Pratt

Our firm just negotiated a lease to move Downtown in the next few months and we'll be moving into 400 East Pratt on the 9th floor (the one with the balcony). While the building isn't very exciting (dull actually), the views from the office space are amazing--both to the water and to the city. A few are attached below. We're very excited to be getting out of the 'burbs and into Downtown (most of us live Downtown anyways).

The VERY intersting thing is that while negotiating our parking, we were informed that the building's owner had the air rights over the garage, so none of our parking could be tied directly to our lease. This would enable a developer to dedicate most of the parking in the existing garage to a new tower (if it should happen).

In looking at Pratt Street, it seemed that 400 East Pratt and Lockwood would still have air rights to go taller in the future if they wanted to. Seems like this appears to be true. Buildings in these locations would certainly link the CBD skyline with IHE, but would block views from 414 Water St. and other buildings back on Lombard.



400 East Pratt (today)



View South from 9th Floor



View North from 9th Floor (garage shown has developer air rights)
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Old March 14th, 2007, 10:18 PM   #1926
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Quote:
Originally Posted by folsomfanatic View Post
Our firm just negotiated a lease to move Downtown in the next few months and we'll be moving into 400 East Pratt on the 9th floor (the one with the balcony). While the building isn't very exciting (dull actually), the views from the office space are amazing--both to the water and to the city. A few are attached below. We're very excited to be getting out of the 'burbs and into Downtown (most of us live Downtown anyways).

The VERY intersting thing is that while negotiating our parking, we were informed that the building's owner had the air rights over the garage, so none of our parking could be tied directly to our lease. This would enable a developer to dedicate most of the parking in the existing garage to a new tower (if it should happen).

In looking at Pratt Street, it seemed that 400 East Pratt and Lockwood would still have air rights to go taller in the future if they wanted to. Seems like this appears to be true. Buildings in these locations would certainly link the CBD skyline with IHE, but would block views from 414 Water St. and other buildings back on Lombard.



400 East Pratt (today)



View South from 9th Floor



View North from 9th Floor (garage shown has developer air rights)
Any "air rights" development above 400 E. Pratt Street garage would closely mirror what happened at 100 E. Pratt Street, where the existing garage would be demolished to make way for a new larger garage and development above it. The office component for 400 E. Pratt is separate of the garage construction; the garage came first, and the office building several years later. At the time the garage was constructed, it was not designed/anticipated for additional loads, unlike the 414 Water Street garage. While as a rule of thumb, commercial income property must be depreciated over 39 years using straight line depreciation. One idea that has been considered for quite some time is to raze the commercial component as well, opening up a larger footptint for new development. The 400 E. Pratt Street building isn't really a trophy building; it never was. But I can't imagine any demolition coming anytime soon.
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Old March 15th, 2007, 12:35 AM   #1927
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There was talk in the mid to late 90's about adding a tower to 400 Pratt. It's not a new idea.
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Old March 15th, 2007, 12:48 AM   #1928
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Within just a few small blocks there are quite a number of different opportunities to build towers above existing structures. 414 Water St. was the first to do it in that area, but just off the top of my head, I can think of three or four different sites where the idea of doing the same thing has been floated around. Perhaps with all the waterfront properties said for, the next best thing would be to build atop existing waterfront properties, or ones that are close enough.
Unless Westport takes off, I wouldn't be surprised to see at least a proposal or two made for atop a garage near the harbor.
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Old March 15th, 2007, 02:28 AM   #1929
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Club Scene

I think the problem with the Baltimore Club scene is due to the zoning limitations of closing time. We were really on a high 5, 6 years ago.

Nate
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Old March 15th, 2007, 02:31 AM   #1930
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Transit Ridership Up

Well, the Light Rail ridership really should be going up after the double-tracking. It's still really rather dissappointing. Since they've gotten ticket inspectors, an estimated 20-30% of riders vanished.

Increases in paratransit (Mobility) really isn't good news. It costs WAY more to operate and means people aren't (or can't) use fixed route service.

Subway seems to be doing well, and operating quite efficiently, despite the defferd maintenance--which we should catch up on in FY2008.

Nate
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Old March 15th, 2007, 02:35 AM   #1931
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Perkins as Arena Site

I don't think the area has enough traffic capacity. It would be ugly.

Baltimore St gets bad enough when there's an event and that's where we've got plently of capacity and transit.

Perkins is same as McColluh, where will they go?

Perkins is bad, but I think we need to get rid of the Gilmor Homes first, it's keeping Sandtown down. Poe Homes need riddance as well.

Nate
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Old March 15th, 2007, 02:49 AM   #1932
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Quote:
Originally Posted by StevenW View Post
B&O building to get hotel
ARCWheeler to launch upscale ‘10’ brand in 100-year-old structure
JEN DEGREGORIO
Daily Record Business Writer
March 13, 2007 5:53 PM
Baltimore’s historic B&O office building, which in September celebrated its 100th birthday, is slated for a makeover as a boutique hotel.
ARCWheeler, the Philadelphia firm developing a 59-story skyscraper on land where McCormick & Co. once ran a spice plant, has a contract to purchase the property. It intends to use the 13-story building at the corner of Charles and Baltimore streets to launch its new “10” hotel brand, according to the company’s Web site. The $55 million project would convert the B&O’s building’s top seven floors into hotel space, while keeping offices in floors two through six.

“It’s one of Baltimore’s grandest buildings,” said Jeff Pacy, vice president of Preston Partners Inc., the company representing ARCWheeler in the sale. “They’re going to highlight the history and the architecture and the beauty of the building.”

Built in 1906 as a headquarters for the Baltimore & Ohio Railroad, the Beaux Arts-style edifice opened two years after Baltimore’s Great Fire and was celebrated as a sign of the city’s survival. But a century later, the H-shaped property is considered a second-tier office location and is only 60 percent full, according to Pacy. It comprises 256,400 square feet of space and is worth $14.7 million, according to data from the State Department of Assessments and Taxation.

ARCWheeler thought its unique design and lavish details, such as stained glass and marble floors and staircases, would be perfect for a boutique hotel, Pacy said. The company’s Web site describes the “10” hotel brand as including “hotel, office and retail space … located in buildings of grandeur in prime locations.”

Neither ARCWheeler nor Pacy would provide further details.

Baltimore’s thriving hotel market, which had an average occupancy rate of 71 percent last year, was another draw. ARCWheeler is the latest in a line of investors that have been buying up downtown’s older office buildings and redeveloping them as hotels.

The Keyser building at 207 E. Redwood St. is being converted to a Hotel Indigo, a brand owned by Intercontinental Hotels Group. Three buildings are being combined at the corner of Redwood and South Charles streets for a yet-to-be-named hotelier, and a Red Roof Inn is slated for the intersection of Park Avenue and Saratoga Street.

In all, the city had 1,301 hotel rooms under construction last year and another 794 rooms planned for this year, according to data from the Downtown Partnership of Baltimore Inc.

“You’ve got a lot of positive activity right near the B&O,” Pacy said.

Conversion of older office buildings has been a boon to some of the city’s newer buildings, bringing overall vacancy in city offices to 11 percent last year, from 13 percent in 2005, according to downtown partnership data.

“I think there is a trend afoot that assets have gotten to a tipping point in their life cycle where they are becoming something else,” said Owen Rouse, a senior vice president and partner with Manekin LLC, a Columbia-based real estate firm. “I think that’s a good thing; it evidences the recyclability of the assets.”

Pacy said the B&O redevelopment would not affect ARCWheeler’s plans to erect a massive $360 million skyscraper at 414 Light St., the former site of McCormick’s spice plant.

“I think they’re very different projects,” Pacy said.

Plans for 414 Light St. include a hotel, 285 condominiums, a spa and retail space. Dubbed 10 Inner Harbor, the tower is slated for completion in 2009. ARCWheeler has yet to break ground on the site.

“They’re fine-tuning everything at this point,” Pacy said.
Wow, what a nice-looking building! I'm glad they didn't do anything foolish like tear it down. Now that would've been a travesty.
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Old March 15th, 2007, 02:52 AM   #1933
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Quote:
Originally Posted by StevenW View Post
Pittsburgh financial service set to boom in Baltimore

Mar 13, 2007 3:00 AM (1 day ago)
by Dave Carey

The headquarters of Mercantile Bank in downtown Baltimore. BALTIMORE - PNC is staking its claim on the Baltimore banking market.


A financial services organization, the Pittsburgh-based PNC recently finished its acquisition of Mercantile Bankshares Corp., a Baltimore-based holding company. This means that come next fall, there will be a new major player in the Maryland banking scene.

“We need to seed our brand, and we know that not enough people know the PNC name in Baltimore,” said Brian Goerke, spokesman for PNC. “We are going to do some unique things.”

To acquire Mercantile Bankshares, PNC Financial Services Group Inc. reimbursed shareholders with more than 0.4 of a share of PNC common stock and $16.45 in cash per share of Mercantile owned, The Examiner reported Feb. 17. This compensation translated into a nearly $6 billion acquisition.

As for making a niche in a market that already contains household names such as M&T Bank, K Bank, First Mariner and Columbia, PNC looks to build its reputation off of community involvement. Most notably in Baltimore, the PNC Foundation, the charitable arm of PNC, donated about $1 million at the beginning of the month to the Baltimore Symphony Orchestra to help cut ticket costs to $25 per seat.

PNC is also taking a consumer-friendly approach by offering free ATM services to all Mercantile customers at its own existing branches. With early fall as a potential target date, a local account holder with Mercantile will see the change-over to a PNC account, along with branches and signs changing to fall under the company umbrella in mid-September.

The long-term success of PNC in the area market remains to be seen. PNC is currently on the borderline of “out performance [buy]” and “market performance [hold],” said a report from Friedman, Billings, Ramsey & Co. Inc., a national investment banking and analysis firm. While straddling the border, the report stated that PNC will have market hurdles to deal with, such as a “sustained low interest rate environment” and “substantial competition in PNC’s primary markets.”

“PNC will be an effective competitor,” said Gary Townsend, a senior vice president at FBR. “They are pretty big in the area, especially after the Mercantile acquisition, and should be a strong competitive source in the Maryland area.”

[email protected]

This is good news. I used to live in Pittsburgh and they did a great deal for the community there.
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Old March 15th, 2007, 03:55 AM   #1934
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The B&O building last weekend

It's a thing of beauty:
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Old March 15th, 2007, 04:00 AM   #1935
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1400 Lancaster, next door to Eden Apts
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Old March 15th, 2007, 04:45 AM   #1936
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Originally Posted by jamie_hunt View Post
Agreed. The periphery of PH -- Central Ave-Baltimore Street-Broadway-Fleet Street-- is doing well. If Albemarle Square (nee Flag House) is successful, might happen. But the resistance of McCulloh Homes residents to the redevelopment of State Center suggests it won't be easy. Plus, PH residents would need a decent place to go to.
Welcome to the Forum, jamie hunt. Glad to have ya.
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Old March 15th, 2007, 04:49 AM   #1937
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Olstead

I think the real reason for the Olmstead is the market, not the reasons SBER is giving.

I don't think they have enough cash flow to begin work on this with supposedly sluggish sales elsewhere in their portfolio.

Nate
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Old March 15th, 2007, 06:39 AM   #1938
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The god thing is that this slow market allows smaller infill development to florish. I drove north on Howard Street t today (as an aside, it took me 45 mins to find a parking garage downtown today. Ro closeurs and slow moving peds made this even worse. I had to park black away at the Edision garage under the park being refurbished near the Sharaton City Center. I had to lug the materials for our table and my bag all the way to the convention cen tee for the AAHPERD convention....but I digress.)I was admittedly surprised by the the residential development I spotted. I tried to committ the websites to memory to check out later, but I didn't and my blackberry died.
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Old March 15th, 2007, 06:54 AM   #1939
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Goodluck tommorow Waj, and all the rest of the Terrapin Nation!
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Old March 15th, 2007, 02:03 PM   #1940
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Welcome to the Forum, jamie hunt. Glad to have ya.
Thanks! Found the forum while googling for Silo Point pics. Amazing wealth of info here. Manna for a Baltimore native in temporary exile in rural NH.
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