With development looming next door, McDonald's Corp. has sold a historic property in downtown Baltimore for $1.5 million, according to land records.
The buyer, 101 East Baltimore Properties, shares an address with the Washington real estate investment management firm Madison Marquette, one of the companies working on the 28-story 1 Light Street office and apartment tower in the same block.
Madison Marquette and Metropolitan Partnership Ltd. have been working on plans for the building for more than a year, including erecting it around the McDonald's building. Recently, it has altered designs to add office space and reduce the number of apartment units.
Though the developer already has demolished some properties on the site, the most recent presentation to the city's design panel ended in another stalemate after concerns about landscaping and the relationship between the new tower and the former McDonald's property, a brick structure in the French Renaissance style.
Representatives of Metropolitan and Madison Marquette did not respond to requests for comment Monday morning about how the 101 East Baltimore Street acquisition might change the proposal, which did not initially include the McDonald's building.
Metropolitan is also the developer behind the conversion of 10 Light Street into apartments. The 419-unit building, which opened last year, is about 55 percent leased, according to a recent market report by Delta Associates.