Almost all of this week’s top 5 stories in business had to do with real estate, and most of them were centered around property by the Inner Harbor. Here are the top 5:
1. Former McCormick site at Inner Harbor auctioned for $11.5M – by Rachel Bernstein
The former McCormick & Co. Inc. factory site, one of the most valuable properties in the Inner Harbor, was sold at auction Tuesday for $11.5 million.
The site sits at a crucial spot for downtown Baltimore, and the sale of the property is an indicator of a positive moving economy, members of the city’s real estate community said.
2. State Center project on hold – by Melody Simmons
The $1.5 billion redevelopment of State Center, scheduled to break ground later this month with construction of a parking garage, is indefinitely on hold, a state economic development official said.
Robert C. Brennan, executive director of the Maryland Economic Development Corp., said a $33 million bond sale scheduled for this week to fund most of the construction of a 928-space parking garage at State Center was canceled pending resolution of a lawsuit filed by downtown property owners last month.
3. H&M officially signs on at Harborplace – by Rachel Bernstein
General Growth Properties has signed clothier H&M as a new tenant in Harborplace’s Light Street Pavilion, with its retail store expected to open this spring as part of a number of changes coming to the landmark.
The popular clothing store will take approximately 20,000 square feet near the Urban Outfitters store on both the first and second levels. The store is due to open in April or May, depending on construction.
4. Four undeveloped parcels at HarborView to be sold – by Melody Simmons
Four parcels of prime waterfront property at HarborView near the Inner Harbor that could hold a total of 1,548 residential units were listed for sale Monday.
The land is part of the 42-acre community, a multi-faceted, luxury residential development located off Key Highway marked by a high-rise condominium tower built in the early 1990s.
5. Port of Baltimore does record cruise business in 2010 – by Rachel Bernstein
The Port of Baltimore has again posted record numbers for cruise passengers coming through the city in one year.
Last year, 210,549 people sailed on 91 cruises from the Cruise Maryland Terminal, the Maryland Port Administration said Wednesday.
That number beats 2009’s record of 167,235 passengers — good for a 25 percent increase — on 81 cruises.