Lockwood Place - From Busy Parking Lot to Great Mixed Use Development

Inner Harbor, Baltimore, MD

Spaces:

940

Area:

325,000 sf

Constructed:

2002 - 2003

Completion Value:

$31.5M

Current Value:

$49.3M

Developed By:

Parkway Corporation

 

 

Partnership

Lockwood Associates LLP

About Lockwood
Lockwood Associates LLP, a partnership of A&R Development Corporation, Parkway Corporation, and Kravco Company, was formed in June 1998 as a result of being selected through an RFP process as the developer of the last major undeveloped parcel of land located in the heart of downtown Baltimore in the Inner Harbor District.

Description
In early 1998, Parkway Corporation initially sought out the site, conceived the overall development scope and put the appropriate development team together to successfully win a public RFP process by proposing a $150 million urban mixed-use office, retail and parking garage project across from the National Aquarium on Baltimore's Inner Harbor.

The total project encompasses 125,000 square feet of upscale retailers and restaurants with storefronts on three levels facing both Pratt Street and Market Place, a 275,000 square foot office tower with unsurpassed harbor views and the parking garage with 940 spaces located to the rear of the site off of Lombard Street.

Business Challenge
Parkway sees all parking lots, both our own and those owned by others, as not only a source of parking revenue but also, more importantly, as potential development sites where we can, through our expertise, add value.

The Lockwood site was one that had extremely good existing parking revenue that helped to support the owner, the Baltimore City Community College. The College had previously put the site out for development proposals unsuccessfully.

Parkway saw the potential for added value in the site through development and we were able to structure a submission to the community college that successfully communicated our vision to them.

The Solution
The site was secured on a long-term ground lease from the Baltimore City Community College.

The project program took advantage of the existence of the strong parking demand already in place for the site. We analyzed the broader market for additional parking opportunities and concluded that the property could support a larger garage. More importantly, the site was ideally located for retail which could take advantage of the high pedestrian traffic levels and tourist and entertainment activities that already made the Inner Harbor a success. The prominence of the site overlooking the Harbor also made it a unique site to accommodate a new office tower.

Design plans were prepared and city approvals were secured for the entire mixed-use project. Subsequent to initial approvals, the office and retail parcels were sublet to individual developers: Trammell Crow for the office and David S Brown/A & R Developments Joint Venture Partnership for the retail.

Construction of the garage phase was completed in February 2003 with the office tower completion in July 2004 and the retail phase completion in July 2005. Parkway acted as the development advisor on the garage portion of the project, we currently manage the parking operations, and we are the Managing Partner of Lockwood Associates.

Value and Benefits Delivered

Parkway created value for everyone involved in the project including the city, the community college who owned the site, and the partners.

For Parkway, even for first-class lots like this one is the rule, not the exception. As one of the few parking operators who have developed our own lots for our own account, we have been down the road many times and we know the best route to added value.

 

Parkway sees the value beyond the revenue generated from parking alone.  In cases like the projects mentioned above, this is the rule, not the exception. As one of the few parking operators who have developed garages for our own account, we have been down this road numerous times and we know the best route to added value.

Repeatedly, Parkway creates new ways to make projects happen. Whether you have an underperforming lot or a great performing lot, Parkway can take your site to a higher level in addition to creating a revenue stream from the surrounding area.