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Superblock Land Owner

Baltimore, MD: (Nov-07-07) Carmel Realty Associates brought a lawsuit against the city and its economic development arm, the Baltimore Development Corp. (BDC), in November 2004, alleging that it violated state open meeting and record laws. The suit claimed that the BDC violated state laws in recommending the city award superblock redevelopment rights to Lexington Square. Lexington Square, a partnership which includes Atlanta, GA-based Harold A. Dawson Company Inc., was picked over several other potential developers following a formal bidding process. The superblock was once a thriving retail destination that featured four of the city's largest department stores. Over time the department stores eventually closed, and the area has fallen into disrepair. The city has sought to revitalize that section of the west side for several years with the hope it will serve as a strong connection between the downtown business district to the east and the University of Maryland's campuses to the west.

As part of a settlement reached, Carmel Realty Associates agreed to drop its lawsuit against the city after developer Lexington Square Partners LLC agreed to pay the Baltimore City land owner $2.7 million for its West Lexington and West Howard Street properties in the superblock. In exchange, Carmel also will let the city acquire some of its other properties, but those details were not fully addressed in the settlement. The settlement clears a legal hurdle that could have significantly impacted Baltimore's efforts to revitalize the superblock. [BALTIMORE BUSINESS JOURNAL: SUPERBLOCK CONSTRUCTION]

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Published on Nov-9-07


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