Lexington Market Inc. will pay Seawall Development about $1.9 million to oversee Lexington Market’s redevelopment, according to a contract between the groups.
Seawall will receive $1.875 million in installments as the project progresses for managing the market’s redevelopment, plus $22,271.75 in design fees incurred before forging an official agreement, according to a contract obtained by The Baltimore Sun.
The historic market has been scheduled for an overhaul for several years, and city officials presented preliminary plans last week for the work. The latest plans call for constructing a new market building on an adjacent parking lot, opening Lexington Street to pedestrians, and gutting and renovating the market’s east building. The market’s west building is expected to be redeveloped in a separate project.
Seawall will shepherd the design, construction, financing and leasing for the market, and Lexington Market Inc. will retain management of the venue when the overhaul is finished.
During the first phase of design work and preparation, Seawall will receive $25,000 per month up to $375,000, a sum that will be paid in full after the firm secures financing for the project, receives design approval from Lexington Market Inc., completes construction drawings, obtains permits and retains a general contractor, according to the contract.
Construction is expected to begin in late 2019 or early 2020. When crews break ground, Seawall will be paid $41,667 per month, up to a total of $1 million — bringing the total reimbursement to $1.375 million when construction is complete, the contract says.
And as the new market building is leased, the group will be paid an additional $500,000 — $125,000 per quarter of leasable space occupied by tenants that are open for business.
The entire redevelopment is projected to cost $30 million to $40 million — about $20 million less than previous estimates.
Seawall has developed other markets, including the popular R. House food hall in Remington.
Lexington Market is one of six public markets in the city. Four of those spaces are either undergoing renovations or scheduled for updates.