A second auction has been set for Jan. 11 at 1 p.m. for the former McCormick & Co. factory site 414 Light St. – arguably the most valuable property currently available at the Inner Harbor in downtown Baltimore.
The site, vacant for years after the spice giant moved its manufacturing unit to Hunt Valley, has been eyed as a luxury high-rise tower, but that project has never materialized. At present it is a surface parking lot.
Developer ARC Wheeler of Philadelphia owes Susquehanna Bank about $24.5 million for the property. A previous auction on the site, scheduled for Nov. 5, 2010, was cancelled after ARC Wheeler filed for bankruptcy.
Since then, a proposal to expand the Baltimore Convention Center and combine it with a newly constructed Baltimore Arena to be located across the street from the McCormick site where the Sheraton Hotel currently stands has been floated by the Greater Baltimore Committee. Such a development could further enhance the McCormick site’s value, said Brian Goodman, of Go Industry Dove Bid, the auctioneer.
“We have had a good amount of interest,” Goodman said on Monday. “And a lot of it is from the same people who expressed interest in November.”
When asked how much he believed the property could fetch at auction, Goodman said: “We have no idea.”