Church Street Station Owner Turns Gross Profit of $4.4 Mil on Downtown Sale

ORLANDO-British-based Enic PLC is flipping its Church Street Station emporium for an estimated gross profit of $4.4 million after agreeing to sell the 26-year-old, foundering retail-restaurant-lounge operation to F.F. South & Co., an Orlando and Washington, D.C.-based investor group for $15.9 million.

The deal hinges on buyer financing and won’t close until May 1.

Enic bought the 200,000-sf structure from a Baltimore Gas & Electric subsidiary in 1999 for $11.5 million. Baltimore Gas wrote off the property after paying $61 million for the asset in 1988 to entrepreneur and Church Street Station developer Bob Snow.