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The year of Pat Turner (access required)

Patrick Turner, the Baltimore developer who, it has been noted, resembles Virgin CEO Richard Branson both physically and for the audacity of his business ideas, has a little saying he likes to repeat: “You make money when you buy, not when you sell.” He’s told us that at least the last three times we’ve spoken with him, including on Monday, when we got him on the phone to reflect on 2008 and the economic climate for commercial real estate development, and predict the future of 2009 in real estate. But mostly, we ended up chatting about Silo Point, the century-old grain elevator in Locust Point that Turner converted into luxury condos, at a cost of $170 million. The condos went on sale this fall. The condo tower is one of two marquee Turner Development projects backed by Washington-based private equity firm The Carlyle Group. The other is a proposed, multi-billion-dollar revamping of a 50-acre site known as Westport, on the Middle Branch of the Patapsco, where demolition of a former BG&E power station is almost done, someday to make way for homes, shops and what the developer envisions as “a second downtown” for Baltimore.

One comment

  1. Closed on 50 Silo Point units ??? Check the SDAT tax records, only 1 unit has changed hands so far.

    We’ll see.