Heaver Plaza in Lutherville has been sold and is slated for renovation, MacKenzie Real Estate announced last week.
The project will be spearheaded by MacKenzie Vice President Sean Langford, who represented the buyer in the transaction, a press release said.
“It is exciting to be part of Heaver Plaza’s redevelopment efforts,” Langford said in a statement, saying the buyers want to renovate to bring the building up to “current market conditions and trends.”
Heaver Plaza, located at 1301 York Road, was built around 1970. Langford said the popular restaurant, The Peppermill, established in 1982, will remain at its current location. He did not know immediately whether there would be upgrades to the restaurant.
The office building will be changing its name to 1301 York, Langford said.
Langford declined to name the buyers of the approximately $6.8-million property, saying they want to “keep a low profile.” He described the buyers as a “local ownership group” with experience developing a 17-acre tract at Nottingham Ridge in White Marsh.
Property records show the buyer was a limited liability company, 8 Greenridge Road LLC. The company, created in June this year, is registered under the name of attorney Gershon Seiferas, of the firm Erez Seiferas LLC, located in northwest Baltimore County.
Seiferas said he was not immediately able to provide the names of the buyers.
“Redevelopment plans for the 111,000-square-foot building will include exterior renovations, upgraded common areas and building systems, landscaping improvements, and to enhance the property’s offerings, developing more than 4,000 square feet of ground-level retail space,” the press release said.
Langford said the cost of renovation has not yet been determined but that it is expected to cost several million dollars.
Exterior renovations will include an improved parking lot, exterior lighting and a new flagstone patio, Langford said.
“It’s going to look pretty much brand new,” Langford said.
New tenants will also be brought in, he said, saying most of the retail inquiries so far have been food-based. Current tenants include real estate, tax and accounting firms.
Updates are scheduled to begin in November, with an estimated completion date in 2019, the press release said.