Cordish Company Submits Revised Proposal for 701 E. Baltimore Street

                                                                        FOR IMMEDIATE RELEASE

June 20, 2012

                                                                        Contact:

                                                                        Joann Logan

                                                                        410-779-3829

THE CORDISH COMPANIES SUBMITS A

 REVISED PROPOSAL FOR 701 EAST BALTIMORE STREET

Baltimore, MD (June 20, 2012) – The Baltimore Development Corporation (BDC) announced today that The Cordish Companies has submitted a revised proposal for the redevelopment  of the downtown gateway site at 701 East Baltimore Street, formerly known as the “Balloon Site.”

In 2005, through a BDC conducted Request for Proposals (RFP) process, on behalf of the City of Baltimore, The Cordish Companies was awarded the “air rights” parcel above the Shot Tower Metro Station at 701 East Baltimore Street.

The site is at a prime location at the intersection of I-83/President and East Baltimore Streets, adjacent to Power Plant Live retail/entertainment complex and the Port Discovery Children’s Museum.  The property also has an entrance to the Shot Tower Station of Baltimore’s Metro transit line, running west from Owings Mills in Baltimore County to The Johns Hopkins Hospital campus in East Baltimore.

The Cordish Companies’ revised proposal calls for a mixed-use development consisting of 226 rental apartments, 15,000 square feet of retail space and 225 above grade parking spaces.  Project costs have been estimated at $63 million.  A request for City financial assistance in the form of a PILOT (Payment In Lieu of Taxes) is part of the proposal.

“We remain optimistic about this concept moving forward and creating an exciting and successful project,” said BDC President M.J. “Jay” Brodie.  “The Cordish Companies, an accomplished developer, has assembled an experienced team that will produce a transit-oriented development, contributing to the on-going revitalization of the City’s Central Business District.”

The Cordish development team will be led by Blake Cordish and Zed Smith of The Cordish Companies. Design Collective has been selected as the primary architect for the project with Curry Architects also providing services related to the development.

BDC is analyzing the proposal.

###