[CPEO-BIF] Westport, Baltimore waterfront property cleared for auction

[Lenny Siegel <lsiegel@cpeo.org>]

[This project was the site of a faux ribbon-cutting on the TV show  
"The Wire." Also, many of the real neighbors in the adjacent  
residential neighborhood were concerned that Turner's upscale  
development would leave them behind.  - LS]


Patrick Turner's Westport property could go to auction

by Jack Lambert
Baltimore Business Journal (MD)
January 8, 2013

A court order could soon put Patrick Turner’s 50-acre Westport  
waterfront property on the auction block.

Baltimore City Circuit Court Judge David W. Young ordered the  
foreclosure case on Turner’s Inner Harbor West LLC to proceed Jan. 7.  
Citigroup Global Markets Realty Corp. filed for foreclosure against  
Inner Harbor West on Nov. 20, alleging the group failed to pay back  
the $30 million loan Citigroup gave the group in July 2007.

...

Turner first received city approval in 2007 for his proposed $1.4  
billion Westport Waterfront include 3 million square feet of office  
space, 500 hotel rooms, 300,000 square feet of retail space and 2,000  
residential units. But "the next Inner Harbor" was stalled by a lack  
of financing.

...

For the entire article, see
http://www.bizjournals.com/baltimore/blog/real-estate/2013/01/patrick- 
turners-westport-property.html

--

Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org

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