The Baltimore office of Trammell Crow Residential has gained a project and backed away from a project in the area.
Trammell Crow has been named project manager and marketing representative for Belt's Landing, a 102-unit waterfront condominium and marina complex due to open this spring in the 900 block of Fell Street in Fells Point. But it has decided not to proceed with plans to build a large luxury condominium complex at 6 Slade Ave. in Pikesville.
On the Fells Point project, Trammell Crow partner J. Joseph Clarke said his firm is taking the place of Bernard McCrory, a Baltimore Co. developer who is "no longer associated with the development."
Trammell Crow will not have an ownership interest in Belt's Landing, which is being developed by Fell Street Venture, a group headed by contractor Frank F. Favazza Jr.
Mr. Clarke said 27 of the residences in the six-story development are under contract and that one of his first jobs will be to convert those contracts to sales. He said a grand opening for the project will be held in April and that all work will be complete by June.
Trammell Crow Residential is the nation's largest builder and manager of residential property. Its Baltimore area complexes include the Chase Mill apartments in Owings Mills and Chase Kendall in Columbia.
Under construction for more than a year, Belt's Landing is a mixture of town houses and condominium apartments overlooking the water in Fells Point. In addition to the residences, the building includes a pool, health club and 220-space garage. Mr. Clarke said prices were lowered within the past several months, so that they now begin at $89,900 and that Trammell Crow does not plan to lower them any further. "We think the prices are the right prices for this market," he said.
As for the Pikesville project, Mr. Clarke said his company has decided not to move ahead with previously-announced plans to purchase land at 4 and 6 Slade Ave. and build a 123-unit luxury condominium complex, with residences priced from $320,000 to $460,000.
He said he had a contract to buy the six-acre "Halle estate" from the Harlan Co. of New York but decided several months ago not to go ahead with the project because of the downturn in the economy and the climate for financing.
Mr. Clarke also has decided not to purchase the three-acre parcel at 4 Slade Ave. from owner David Cordish.
"The timing is just very inopportune for Slade Avenue," he said. "I really want to do that project. But we're unable at this time to proceed with a spring construction start."
Mr. Clarke said he still believes a luxury condominium complex at 6 Slade Ave. would be a success and hopes to be able to carry it out -- although he knows that owner Leonard Harlan is now seeking other buyers. "I really like the site," Mr. Clarke said. "It's perfect for that kind of project. It still might happen."
The Greater Baltimore Board of Realtors will hold a New Home Buyers Seminar Tuesday from 6:45 p.m. to 9:30 p.m. at its headquarters, 1501 W. Mount Royal Ave. The seminar is free and open to the public. To register, contact Diane Gillece at the real estate board, 462-2500.
The volume of residential sales dropped in the Baltimore area for the sixth straight month in January, according to figures released by the Greater Baltimore Board of Realtors.
The number of Baltimore-area residences sold in January was NTC 983, 29 percent less than the January 1990 total of 1,391, according to the real estate board.
The total dollar volume of residential sales during January was $118.8 million, down 26 percent from $162.7 million the previous January. The average price of a
See NOTES, 11N, Col. 1 NOTES, from 10N
house sold during January 1991 was $120,907, up three percent from the January 1990 figure of $116,993.
Around the region:
* A 90-acre waterfront parcel on the Eastern Shore known as "Bennett's Point Farm" will be sold at public auction on the site March 1 starting at noon. A. J. Billig & Co. is the auctioneer for the Queen Anne's County landmark, which dates from 1658. The property has more than half a mile of water frontage on Eastern Bay. It will be offered in four parcels, each with 20 to 28 acres, and as an entirety, and the sale will be carried out whichever way brings the most money.