From Busy Parking Lot to Great Mixed Use Development
Parkway initiated this project by prevailing in a public RFP process with a proposal for a $150 million urban mixed-use project across from the National Aquarium on Baltimore's Inner Harbor. Parkway sought out the site, conceived the development scope and assembled the successful development team. The project includes three-levels of upscale retail and restaurants, a 275,000 square foot office tower with unsurpassed harbor views and the parking garage with 940 spaces.
Parkway saw the potential for added value in the site through development and structured a submission to the Baltimore City Community College (the owner) that successfully communicated our vision to them.
•The site was secured on a long-term ground lease from the Baltimore City Community College.
•Our market analysis concluded that the property could support a larger garage and the site was ideally located for retail.
•We gained the all of the necessary approvals and entitlements.
•Parkway then sublet the office and retail parcels to individual developers: Trammell Crow for the office and David S Brown/ A & R Developments Joint Venture Partnership for the retail.
•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.
Parkway Created Value
•The first year of operating the existing lot produced an additional $1 million over the previous operator.
•We increased the ground rent the college receives from $400,000 per year to over $1,200,000.
•The site transformed from an undervalued lot to a productive development, enhancing the value of the site and contributing to general upgrading of the quality and value of the whole area.