News Article

Baltimore to sell land to developers for Hyatt-anchored project


(2/25/2009) The Baltimore City Board of Estimates approved a $4.5 million deal Wednesday to sell a block of land in downtown Baltimore to a team of developers planning to build a pair of Hyatt hotels.

A development team led by Mark Sapperstein, Benjamin Greenwald and Joseph Haskins plan to construct a 450,000-square-foot complex anchored by a Hyatt Place and Hyatt Summerfield Suites with a combined 300 hotel rooms.

Under the terms of the deal, the developers purchased properties at 26-36 Calvert St., 110 E. Lombard St. and 117 Water St. The redevelopment does not include the neighboring Brookshire Suites Hotel.

The $80 million “Hyatt at City Center” development also calls for a 300-space parking garage and commercial space.

The Baltimore Development Corp. estimates the development will create 450 construction jobs and 140 permanent jobs that should pump $60 million in new taxes to city coffers.

“Hyatt at City Center is another exciting private investment in the city of Baltimore, creating jobs and generating taxes in a key underutilized downtown site,” BDC President M.J. “Jay” Brodie said in a statement.

BDC began acquiring eight properties in the block in 2002 in hopes of sparking future redevelopment. The $4.5 million land sale price is equal to the appraised value of the site, BDC said.


By: Ryan Sharrow, Staff

© 2009 American City Business Journals, Inc. and its licensors.

Link to the article: Baltimore to sell land to developers for Hyatt-anchored project

Source: Baltimore Business Journal