May 7, 2009 5:35 pm US/Eastern
Developer Who Sold Land To Hopkins Blames Economy
BALTIMORE (WJZ) ―
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A big city developer who planned to build more high-end condos in Charles Village sold that undeveloped lot to Johns Hopkins Thursday saying the economy is taking a toll.
CBS
A big city developer who planned to build more high-end condos in Charles Village sold that undeveloped lot to Johns Hopkins Thursday.
Suzanne Collins reports the developer says tight credit and the real estate slump are taking their toll.
At Belvedere Square, there was a lunch crowd Thursday. It's one of many successful projects developed by Struever Bros. Eccles & Rouse in the city, including Bond Street Wharf, Tide Point and Clipper Mill.
"Just great, lively neighborhoods with wonderful amenities where you can get together and have a social life, which you don't have in the suburbs," said William Struever.
But three decades of urban successes for Struever, one of the biggest city developers, are being tempered by the economy.
On Thursday it sold a lot in Charles Village that was to be developed into $700,000 condos to Johns Hopkins University. Hopkins has different plans for the property.
"This property can add a lot to the vitality of that part of the neighborhood. We hope there will be street level retail along that block, that there will be much needed parking in that block," said Dennis O'Shea, Johns Hopkins University.
Hopkins also plans some university offices there on Charles and 33rd.
"It will actually be really nice to not be looking at a vacant lot for one thing. To see some land in the neighborhood actually being put to use," said Gregg Malcolm.
At Tide Point, Struever Bros. Eccles & Rouse says it has been very hard hit by the credit crisis as have all developers.
It says it has had to sell some assets and also delay some projects.
The company's specialty is taking distressed areas and building them up. But last week, the city was forced to forgive part of a loan it made to Struever for Church Square. That project never lived up to expectations.
William Struever says his vision of building a vibrant city isn't going away, just slowing a bit.
"And I'm a stubborn, pig-headed guy and committed, and I love my city. And I think you're going to be stuck with me for a long time to come," said Struever.
Hopkins says it paid $12.5 million for the grassy, undeveloped lot in Charles Village.
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