The developer of Clipper Mill, an enclave of once-industrial 19th century buildings along the Jones Falls in Baltimore, has sold the assets and development rights to a new owner.
ValStone Partners conducted an “off-market transaction” with Baltimore’s MCB Real Estate following years of contention with the residents of the neighborhood it sought to revitalize. Last summer, the company filed a $25 million lawsuit against condo and townhouse owners in the community for speaking out against plans to build more homes. A Baltimore Circuit Court judge dismissed the $25 million “bad faith” lawsuit in December.
MCB, led by Baltimore native P. David Bramble, plans to move its corporate office to the site and “engage on the completion of the remaining development opportunities,” the company said in a Friday news release.
“It was a difficult negotiation, but this is an amazing project in an amazing community in Baltimore,” Bramble said. “Our goal is to hit the ‘re-set’ button with the community and figure out how to get the remainder of this project off the ground.
“We expect to meet with the community, City officials, and other stakeholders in the coming weeks to see how we can move forward together.”
Representatives from ValStone Partners, which has offices in Baltimore and Birmingham, Michigan, did not respond late Friday to a request for comment.