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Sale
of Centerpointe - North Howard Street
CB
Richard Ellis, Inc.
Centerpoint is an exciting, $85 million, mixed-use redevelopment
of an almost entire city block on Baltimore's Westside. Bank
of America and its partner The Harold A. Dawson Company had
the vision and foresight to develop Centerpoint years ago, which
included an 18-story tower, two new mid-rise buildings and nine
restored buildings that house a combined 392 apartments, 33,000
square feet of retail space and a 410-space parking garage.
Bank of America committed to the project before several other
significant developments on the Westside were completed, such
as The Atrium and Hippodrome. As Bank of America's spokesman
Greg Barnard was quoted in a Baltimore Business Journal article,
"[Bank of America's] primary motivation for getting involved
in the project in the first place was to be a catalyst for revitalization."
Their vision was validated with the sale of the project to Avalon
Bay, a national REIT, in January 2007 for $78.5 million. As
CB Richard Ellis' lead broker Mike Muldowney stated, "It's
a validation of the Westside renaissance. Bank of America and
The Harold Dawson's vision have brought a Fortune 500 company
to Baltimore, which is significant."
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