Greenspring buys 5.5-acre Gould Street waterfront site

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Greenspring Realty Partners, Inc. has bought a 5.5-acre waterfront site at 2105 Gould St. in Baltimore for $3.525 million, the commercial real estate investment company announced Thursday.

The site, which contains the defunct Gould Street Power Plant, features 400 feet of water frontage, a deep water berth and a bulkhead. It was formerly owned by Exelon Corporation and is adjacent to the Port Covington development.

Within the past year, Greenspring has acquired 30 acres of maritime-related waterfront properties, including a liquid transfer terminal and a 12-acre waterfront site adjacent to Seagirt Marine Terminal in south Baltimore that has 2,100 linear feet of deep water berth space.

David Baird, Michael Denise and Matthew Myers of Cushman & Wakefield represented the seller in the Gould Street transaction.

“Since our acquisition of the Newgate Avenue waterfront properties several months ago, we have been engaged with numerous end-users interested in the site, which remains among the only locations in Baltimore that offers deep water berth possibilities as well as surrounding land,” stated Dan Flamholz, principal of Greenspring Realty Partners. “Demand for waterfront sites far exceeds the supply across our region. This Gould Street acquisition will enable us to shift user interest to a comparable location in Baltimore City that is also suitable for the customized waterfront requirements we are fielding.”

Flamholz said a variety of users have expressed interest in the site, including those  involved in stockpiling operations with materials that need to be stored and shipped, logistics work, wastewater treatment and related maritime uses.

The I-2 zoning, the heaviest industrial zoning in Baltimore, which provides manufacturing, processing, wholesale distributing and warehousing uses, has drawn interest from a wide range of industry sectors, according to Flamholz.

With direct access to Interstate 95, the Gould Street site overlooks the Middle Branch of the Patapsco River and is within close proximity to Maryland Route 295 and Interstate 895. The power plant, which was used to generate electricity for more than 100 years, was recently shut down by Exelon after initially starting operations in 1905 under the Baltimore Electric Power Company.