Baltimore Business Journal: Harborplace receiver’s report details troubles, first steps to turnaround
By Zach Phillips
July 22, 2019
A five-year comparative sales analysis showed some of Harborplace’s longest-tenured tenants saw their sales decline as construction work on renovations stalled over the past few years.
A new report by the receiver managing Harborplace offers an in-depth look at the deteriorating financial condition of the ailing Inner Harbor retail hub, declining sales at several of its top tenants and a first glimpse of the effort to turn it around.
The 103-page report filed in Baltimore City Circuit Court by the receiver, IVL Group LLC, does not provide a leasing marketing plan for the site or offer recommendations for improving the property’s conditions. However, it does shine light on some of the early maintenance being done to Harborplace and provides dozens of pages of tables showing the declining financial condition of the 39-year-old Baltimore landmark.
Donald C. Fry, CEO of the Greater Baltimore Committee, said a “cursory review” of the report shows IVL has initially focused on “operational and aesthetic aspects of Harborplace to make it attractive and safe for residents and visitors.”
“As Harborplace has played a significant role in Baltimore as a tourism and economic hub, it is important to see the receiver focus on items such as landscaping, improved lighting, improvements to restrooms, etc.,” Fry said. “This type of attention to the basics is a good start and we will continue to monitor the work of the receiver.”
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