Harborplace Sale Means Better Shopping…We Hope

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Call us shallow, but we like nice places to shop in Baltimore.  Beats the alternative, right?  So we were pleased earlier this year when the long-neglected Village of Cross Keys was purchased by high-end developer Ashkenazy Acquisition Corp.  Now the company has bought Harborplace too.  There hasn’t been much visible change at Cross Keys (okay, Ashkenazy only bought it last March), so who knows if the new owners will turn things around at Harborplace, but let’s hope this commitment to Baltimore means that the company, which owns Boston’s Faneuil Hall, has big plans in store.  We’ll try to pin them down for an interview in the coming weeks.  Right now, they’re not talking, but the mayor is. Her statement about the sale, below.

When you look at Ashkenazy properties, such as Faneuil Hall Marketplace in Boston, Union Station in Washington, DC, and Rivercenter in San Antonio, you see a company that could be a great fit for Harborplace. This is a company with a track record of investing in and managing premier destinations, each with its own local character, in cities across America.

The Inner Harbor area has seen many great improvements over the last two years, with the full cooperation and support of my administration and that of private and community partners. I am absolutely committed to working closely with Ashkenazy to continue making progress and to secure Harborplace’s legacy as a source of great pride for the people of Baltimore for years to come.”

New York-based Ashkenazy Acquisition Corp. is buying Harborplace in Baltimore, according to thedailyrecord.com, which quotes a memo from Christopher Schardt, the asset’s senior general manager, who says the deal will close next month. Financials were not available.

General Growth Properties acquired Harborplace in November 2004 from The Rouse Co., which built the project on three acres for $30 million, the website reports. General Growth with retain ownership of the Gallery, according to Schardt’s memo.

The privately held Ashkenazy also owns the Village of Cross Keys in Baltimore as well as Faneuil Hall Marketplace in Boston, which was part of Rouse’s Festival Marketplace.

H&M and Bubba Gump Shrimp Co. are among the new retailers to Harborplace.



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