BDC sells former Palmer House and Devine Seafood properties

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Baltimore, Md. – Oct. 2, 2014 – Revitalization efforts in the city’s Bromo Tower Arts and Entertainment District continue to move forward as the Baltimore Development Corporation (BDC) announced today the purchase of the former Palmer House and Devine Seafood properties by 106-110 Eutaw Street, LLC (Adam Hoffman and Gabriel Bentovim). Settlement occurred on Sept. 30, 2014.

Earlier this year, BDC received Board of Estimates approval for a Land Disposition Agreement between the mayor and City Council and the developer for the purpose of redeveloping the properties into eight apartment units, 3,000-square-feet of restaurant space and 1,300-square-feet of retail space; an estimated $1.9 million investment. Interior cleanup and demolition have begun with construction to start shortly.

“I am thrilled at the buzz that has been generated by this project, which is on the same block as another redevelopment priority – Lexington Market – and is just around the corner from the new Everyman Theatre,” Mayor Stephanie Rawlings-Blake said. “This project is another clear signal that the Bromo Arts District is attracting new small to medium-size developers and entrepreneurs that are helping to revive the area.”

BDC anticipates the buildings, which have been vacant for at least a decade, will result in $2.1 million in real property, utility and payroll taxes over 15 years. Renovations are expected to take a year to complete.

“This deal is a sign of a brighter future for the Bromo Arts District neighborhood,” said BDC president and CEO William Cole.  “This project will bring a new restaurant to an area that has seen success stories at Forno, Puerto 511 and Nando’s Peri-Peri. New apartments will create a vibrant around-the-clock environment, and these renovations will add new life to the street through a sizeable private investment.”

The Bromo Tower Arts and Entertainment District is part of the UniverCity Partnership Initiative launched in June 2011 by Mayor Stephanie Rawlings-Blake and University of Maryland, Baltimore President Jay Perman. Since then, more than $800 million in public and private projects have been completed, planned or are underway. About 60 stakeholders represent the UniverCity Partnership Advisory Committee, which meets quarterly.

Source: Baltimore Development Corporation

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