K Properties of Lexington, LLC Selected to Redevelop Westside Properties

Baltimore, MD (May 21, 2009) – Continuing to move the revitalization of the Westside of downtown forward, the Baltimore Development Corporation (BDC) today announced that, on behalf of the City of Baltimore, it will enter into an Exclusive Negotiating Privilege (ENP) with K Properties of Lexington, LLC (Nam Koo, Seon Koo and Linn Koo) for the redevelopment of the properties at 101 and 103 West Lexington Street and 124 North Liberty Street.  The developer plans to combine the three properties into a new mixed-use retail/residential project.

BDC offered the subject properties (as Site A) for purchase and redevelopment as part of a Request for Proposals (RFP) for the Liberty and Lexington Streets area.  The Koos plan to renovate the existing buildings combining the two retail spaces on Lexington Street with a retail space on Liberty Street.  Upper levels will be renovated to accommodate residential units – two efficiencies and four one-bedroom apartments.  Project costs are estimated at $900,000 with completion anticipated within 24 months.

Commenting on the transaction, BDC President M.J. “Jay” Brodie said, “We are pleased that the Koo family, who have owned and managed downtown properties for many years, are committed to maintaining a presence on the Westside.”

A BDC convened Advisory Panel found that K Properties’ proposal supported the City’s goals and objectives for the Westside (including job creation, tax generation, new retail opportunities and creation of new-market rate residential units).

K Properties will acquire the site from the City for $100,000 and privately finance their project.

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