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BDC moves forward with negotiations on Park Avenue properties

BDC awards negotiating privilege for Park Avenue properties

The city is moving forward with a developer planning to put apartments and retail into the 400 block of Park Avenue.

The Baltimore Development Corp. said Thursday it would negotiate exclusively with the Washington Baltimore Development Company and Tri-Star Investing for the city-owned buildings, which include a parking garage at 400 Park Ave., a cluster of townhouses along the street and an electric substation.

The project would extend the activity being added to the area with the construction of a new apartment building in the 500 block of Park Avenue and the conversion of a former department store into apartments and the Mount Vernon Marketplace.

The firm has proposed turning the site into 83 market-rate rental units and more than 17,800 square feet of retail space, adapting the historic buildings and tearing down the parking structure. Construction would start in 2018, according to a presentation to the BDC board last month.

The city hopes to sell the properties for their appraised value of $1.1 million, but final terms still need to be negotiated, said Kimberly A. Clark, executive vice president at the BDC.

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