InterPark Completes the Purchase of 300 E. Pratt, Starts Hunt for Development Partner for the Site
- Dec 09, 2013
InterPark, LLC, the largest owner, operator and developer of parking facilities in North America, has completed its purchase of 300 E. Pratt in Baltimore’s Central Business District. The Chicago–based company plans to develop the site, considered the best remaining developable parcel of open land in Baltimore’s Inner Harbor, into a mixed-use project and has hired Cushman & Wakefield to identify a development partner.
The sale was announced in August. InterPark acquired the property from UrbanAmerica Advisors, LLC for an undisclosed price. The Inner Harbor has been the site of extensive redevelopment in recent years and 300 E. Pratt Street has been designated as part of an Enterprise Zone with probable tax credits and incentives for developers. InterPark has hired St. Louis-based Forum Studio to complete several design concepts for the site. The future of 300 E. Pratt could include a hotel, residences, offices, shops or parking, all in a great location, close to government offices, businesses and tourist attractions. The site could also be the home of a landmark property that could enhance existing development in the area.
“The 300 E. Pratt site provides an incredible opportunity for the right development partner to create a signature mixed use facility in one of Baltimore’s most prominent locations,” said J. Marshall Peck, president of InterPark, in a press statement. “With Cushman & Wakefield’s extensive knowledge of the Baltimore real estate market, we’ve assembled an impressive team to select the right development partner to transform the site into a premier property fitting of Baltimore’s terrific waterfront.”
InterPark has successfully developed parking with mixed-use facilities in central business districts all over the United States. Some of its notable projects include the mixed use building at Ontario Street & St. Clair Street, and an innovative development deal at 217 W. Washington Street, both in Chicago, as well as the development of an integrated parking garage on the Thomas Jefferson Hospital campus in Philadelphia.
Photo credits: Cushman & Wakefield