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Caves Valley Partners asks $42 million for Light Street property

Towson developer Caves Valley Partners placed its 1111 Light Street building on the market last month, and is asking $42 million for the Federal Hill property, which houses apartments, stores and offices for budding tech firms.

The company has requested bids by the end July, said Jorge Rosa, director of Cushman & Wakefield's Multifamily Advisory Group, which is representing Caves in its sale of the building, completed in 2012 for roughly $33 million.

Rosa said on Friday that the firm, which has traditionally held onto its developments, saw an opportunity to capitalize on interest in Baltimore.

The firm, a backer of the Horseshoe Casino Baltimore, is also preparing to move forward on developing two major projects: $350 million Towson Row and a $250 million Stadium Square in Sharp-Leadenhall that was announced in June.

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