The buyer of the Eastpoint Mall has deepened its investment in southeast Baltimore, purchasing a 20-acre parcel with a goal of mixed-use development.
MCB Real Estate, LLC paid $3 million for the 5601 Eastern Ave. property last month, according to land records. The company is meeting with community groups and nearby institutions to develop ideas for the site, said MCB managing partner P. David Bramble. It intends a mixed-use project, which will require a zoning change from the current industrial designation, he said.
While MCB does develop industrial properties, Bramble said the company’s plan “is something hopefully more significant.”
“We are very excited about the Eastern Avenue corridor and the surrounding communities. We see a lot of room for continued growth potential there,” he said.
Bramble declined to say how much the company is considering spending to develop the former PEMCO Corp. site, where glass and porcelain were manufactured for decades. He also declined to set a timeline for the project, which will require environmental remediation.
The Baltimore-based firm paid $33.4 million for Eastpoint Mall in February. The new acquisition is located across from the Johns Hopkins Bayview Medical Center.Copyright © 2014, The Baltimore Sun