The city has been trying to revitalize this stretch of Calvert Street, which sits just one block from the Inner Harbor, since 2001, acquiring some properties through eminent domain. The Baltimore Development Corporation solicited bids from developers in 2004, receiving proposals that included apartments and a hotel.
The Board of Estimates in 2009 approved
the $4.5 million sale of seven city-owned properties, including the buildings that are part of the current PMC deal, to a development team proposing an $80 million hotel, dubbed the Hyatt at City Center project.
That agreement expired
in 2012 and the deeds did not change hands. (The BDC canceled
a $1.5 million demolition contract for the properties in 2009 after the Baltimore Sun reported the agency was not following open-bidding rules.)
When the BDC asked for new proposals in 2012, PMC was the sole bidder
, according to BDC meeting minutes.
"When the city sells something it takes a long time," Bloom said of the negotiations. "At the end of the day, they've got to go through all the right protocols."
Plans for the first phase of the PMC project call for the renovation of a 12-story former United States Fidelity and Guaranty Company building at 26 S. Calvert St., with 78 apartments ready for occupation as early as the end of this year, Bloom said.