The developer behind plans for a 44-story residential tower on a parking lot in the Inner Harbor has secured more than $100 million in financing, lender Citizens Bank said Friday.
The announcement of $107.38 million in financing for the 414 Light Street project comes more than a year after the proposal secured design approval from the city. Developer Stephen Gorn of Questar Properties initially said he hoped to start construction at the beginning of 2015.
Gorn could not be reached for comment Friday about a new timeline for constructing the building, which would be one of the tallest in the city and contain 394 apartments, as well as retail.
The 1.9-acre site, which Questar bought at auction for $11.5 million in 2011, has been used as a parking lot since the McCormick & Co. building was demolished in the late 1980s.