The Baltimore Development Corp. is seeking a buyer for the city-owned office building at 7 East Redwood Street, a prime candidate for redevelopment.
January 22, 2024 is the deadline for proposals from prospective buyers. The BDC, acting on behalf of the City of Baltimore, is seeking offers that will preserve the existing structure.
The 21-story building was constructed in 1924 as headquarters for the First National Bank in Baltimore. The city of Baltimore has been a partial owner since the 1990s and became the 100 percent owner in 2013.
The building currently houses offices of city agencies or boards and commissions that are affiliated with the city and can be relocated. Located at the southwest corner of Redwood and Light streets, it also has an address of 14-18 Light Street.
The BDC and the Scott administration have timed the sale to take advantage of a new wave of development activity downtown, with MCB Real Estate’s recent announcement of plans for a $500 million “reimagining” of Harborplace, the $250 million upgrade of the CFG Bank Arena and other major projects within several blocks.
The BDC also points to the architectural significance of the 99-year-old, Beaux Arts building, which features an ornate banking hall on the first level and other original details. Graham, Anderson, Probst & White of Chicago was the architect of the building, which has 184,275 gross square feet of space.
“The sale of 7 East Redwood is not just about finding a new owner; it’s about finding a custodian for a piece of Baltimore’s soul,” said BDC executive vice president Kimberly “Kim” Clark, in an announcement about the sale. “This building isn’t only gorgeous — it’s a canvas for innovation in our thriving cityscape. We are anticipating a robust response from the developer community.”
The building is zoned for commercial use, which includes offices, apartments, a hotel, stores, a restaurant or a combination. A recent appraisal indicated that it has a fair market value of $10 million.
The BDC’s request for proposals states that the building is being sold in “as is” condition and that the agency intends to sell it to the bidder offering ““the highest cash price.” The BDC also wants to have the building fully occupied and operated “to its highest and best use.”
The offering states that the city does not anticipate providing any direct financial assistance to the purchaser but certain projects may be eligible for tax credits for historic preservation and other incentives, such as the Maryland Sustainable Communities Tax Credit.
The complete Request for Proposals is on the BDC website, www.baltimoredevelopment.com.