As part of this endeavor, ARC has closed on the McCormick Spice land site, one of the last remaining development parcels along the water. It was formerly occupied by McCormick & Co., before the factory was razed more than a decade ago. ARC put in its bid for the land more than two years ago.
The project, whose final composition is being designed in conjunction with the City of Baltimore, will consist of office, hotel, retail and residential components. Roughly, the project is expected to deliver 600,000 sf of office, 225 hotel keys, 150 residential condo units and 80,000 sf of retail. Construction is expected to begin in 2009 and will be completed in three phases.
"This is an extraordinary acquisition for our organization, and we are very excited to start the planning process of what is destined to be a remarkable mixed-use development," says Robert Ambrosi, president of ARC. "This development project continues ARC's aggressive growth in the luxury residential development sector."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
