By Steve Kilar
5:08 PM EST, December 17, 2012
The Baltimore Development Corp. is asking the city’s spending board to yet again extend a land sale agreement with the developer of the long-stalled Lexington Square “superblock” project.
If approved by the Board of Estimates Wednesday, this fourth extension would give Lexington Square Partners LLC until June 30, 2013, to purchase 3.6 acres from the city for its proposed $152 million mixed-use development on the west side of downtown.
The developer “believes that this extension will be the last one that is necessary in order to secure financing for the project,” according to the board’s agenda. The city first entered into the sales agreement with Lexington Square Partners in 2007; it is currently set to expire Dec. 31.
Lexington Square Partners has agreed to buy the superblock site for $12.2 million, though the developer is receiving credits for all but $2.85 million of that price, the agenda said.
The development, delayed by legal challenges and a floundering economy, would be bounded roughly by Lexington, Howard and Fayette streets and Park Avenue. When complete, it is expected to have about 300 apartments and a parking structure with space for 650 vehicles plus more than 200,000 square feet for retail.
The board is also being asked to authorize a $22.1 million tax break for Lexington Square, which was approved by the City Council earlier this month.
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