BALTIMORE, MD--(Marketwired - Dec 4, 2013) - InterPark, LLC, North America's leader in developing and managing parking facilities, has completed its purchase of 300 E. Pratt in downtown Baltimore, which represents the best remaining developable parcel of open land in Baltimore's Inner Harbor. InterPark intends to co-develop the site into a mixed use project and has enlisted Cushman & Wakefield to identify and select a development partner. With strong demand for both office and residential properties along the Pratt St. corridor, InterPark has retained Forum Studio of St. Louis to complete several design concepts for the site, including multi-use options for hotel, residential, office, retail and parking.
Once completed, the site will offer commanding views of the Inner Harbor and proximity to premier businesses, government offices and tourist destinations. In addition, this premium location offers the potential for a landmark property that will complement and enhance existing waterfront development around the Harbor.
"The 300 E. Pratt site provides an incredible opportunity for the right development partner to create a signature mixed use facility in one of Baltimore's most prominent locations," said J. Marshall Peck, President of InterPark. "With Cushman & Wakefield's extensive knowledge of the Baltimore real estate market, we've assembled an impressive team to select the right development partner to transform the site into a premier property fitting of Baltimore's terrific water front."
"We are excited to work with InterPark on 300 East Pratt," said Cristopher Abramson, Executive Director at Cushman & Wakefield. "They are long term investors that are committed to the city, with a track record of executing their real estate strategy. This is a unique development opportunity that will benefit from InterPark's stewardship."
InterPark has extensive experience and a proven track record of successfully developing parking with mixed use facilities in central business districts throughout the country. Several notable examples include the co-development of a mixed use building at Ontario St. & St. Clair St. in Chicago, an innovative development deal at 217 W. Washington St. in Chicago and the development of an integrated parking garage at Thomas Jefferson Hospital campus in Philadelphia.
"Developing parking garages as part of mixed use facilities in central business districts is a capital-intensive business and requires a long term commitment to the site and a strong development partner who shares the vision for the site's potential," said Mr. Peck. "Many of our co-development partners look to our acquisitions as a source of prime developable real estate precisely because they understand the value of these unique urban development sites."
The Inner Harbor has been the site of extensive redevelopment in recent years. The 300 E. Pratt site has been designated as part of an Enterprise Zone with probable tax credits and incentives for developers. InterPark has cultivated a constructive working relationship with the city of Baltimore, the state of Maryland and the Baltimore Development Corporation, as well as other constituencies, to facilitate and incentivize the development of this premier property.
About InterPark, LLC:
InterPark, based in Chicago, is the largest owner, operator and developer of parking facilities in North America. Because InterPark is both an owner and an operator, it is able to provide a better parking experience for its customers. InterPark embraces new technologies that enhance customer service, making the company a leader in owning and operating complex, high volume parking properties. InterPark applies innovative technology solutions to the traditionally low-tech parking industry, allowing for systems that improve productivity, save on labor costs and enhance customer service.
InterPark parks over 20 million cars annually and has a team of nearly 1,000 employees providing each one of its customers with a safe, clean, efficient and courteous parking experience. For more information, visit www.interparkholdings.com.
About Cushman & Wakefield:
Cushman & Wakefield is the world's largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world's major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and management assignments. Founded in 1917, it has approximately 250 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has nearly $4 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.
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