In the News: COPT plans three-level retail, restaurant space at Pratt and Light streets
By: Melody Simmons, Baltimore Business Journal
The intersection of Pratt and Light streets could soon sport a new look.
The wide-open brick promenade along Pratt Street has been targeted to sprout a new “bump out” development. On Thursday, a Baltimore Development Corp. committee recommended a proposal for a three-level, 23,000-square-foot retail and restaurant project.
The committee endorsed the design by Corporate Office Properties Trust, owner of the 35-story Transamerica Tower next to the site, and Metropolitan Partnership Ltd. over two others submitted. The board then went behind closed doors for a 20-minute discussion on all three proposals.
During that closed session, the board voted on one of the designs in order to forward it to the mayor for consideration. Afterwards, BDC President William H. Cole IV declined to reveal the full board’s vote.
The new development at Pratt and Light streets, near the Inner Harbor, would take place on city-owned land considered to be the heart of downtown. It has been praised by the Downtown Partnership of Baltimore, a nonprofit business group, and was the subject of a request for proposals by the BDC this summer.
The three proposals submitted by the Aug. 18 deadline were unveiled by the quasi-public city development agency Thursday.
The plan by COPT (NYSE: OFC) and Metropolitan Partnership Ltd. to build a commercial, retail and restaurant development at the prime location with a rooftop deck that would overlook the busy downtown corridor. Metropolitan Partnership developed the converted 10 Light St. apartment tower.
Last year, COPT purchased the 100 Light St. tower and its parking garage for $121 million. It is the tallest building in Baltimore and includes the private Center Club on the top levels and in the summer months the street-level plaza is the setting for a Thursday farmer’s market.
COPT’s proposal for the bump-out development includes an offer to pay $400,000 for the 26,267-square-foot street-front space, BDC officials said, “or a mutually agreed upon appraisal” price. BDC officials said an independent appraisal of the area, that is less than one acre in size, was $1.5 million.
Two other developers submitted proposals for the project:
- MFI Management wants to build a single-story, 20,000-square-foot steakhouse, cafe and bank space after purchasing the space for $1.5 million
- MLR Partners and MCB Real Estate proposed a 17,500-square-foot commercial space with a circular atrium on the corner containing 8,400-square-feet of anchor space. It bid $500,000 for the property.
The development would resemble a similar bump-out addition at 400 E. Pratt St. where a Shake Shack and CVS have opened doors, along with a Nalley Fresh and Chick-fil-A restaurant.