Quantcast

Port Covington parcel to be auctioned June 14

A June 14 foreclosure auction has been scheduled for a 5.21-acre parcel of the city’s waterfront in Port Covington once envisioned to be a sparkling retail and residential hub. The auction of 301 E. Cromwell St. will be held at 1 p.m. in the law offices of Miles & Stockbridge P.C. at 10 Light Street. The property is located on the Middle Branch of the Patapsco River and had been slated for a mixed-use development by the struggling developer Struever Bros. Eccles & Rouse. State assessment records show the property was purchased by SBER Port Covington LLC for $3.2 million in February 2005. The value, though, has dropped to just over $521,000, the records show. The formerly industrial property is located near Interstate 95 and includes waterfront land and two piers that jet into the Patapsco, with riparian rights that go with those piers. Last summer, BB&T Corp. moved to foreclose on SBER for the property, saying the developer owed nearly $11 million on a delinquent mortgage.

Leave a Reply

Your email address will not be published. Required fields are marked *

*