Baltimore City officials closed a deal on March 10, with Recreation Pier Developers, LLC, for the sale of the Fells Point Recreation Pier. The deal marks a significant step in the Fells Point Recreation Pier redevelopment project. The transaction will require pier restoration, which is expected to be an $8.8 million dollar expense.
When complete, the site will house a 132-room Aloft-brand hotel with a second floor restaurant. The entire project will be valued in excess of $35 million and will ultimately increase the tax base of the City through sales tax, room tax, and real and personal tax revenue. The project will also create a new job base for the City.
"The closing of the sales transaction marks the beginning of the Fells Point Recreation Pier redevelopment project," says Mayor Stephanie Rawlings-Blake. "The restoration of this historic pier will stimulate the development of new businesses that will greatly enrich the community."
The next step is for Moran Towing Corporation, the sole remaining pier tenant, to relocate to its new facility on S. Clinton Street in Canton. The move is expected to occur by May 2010, allowing Recreational Pier Developers, LLC, to begin restoration of the site.
Built in 1914, the Fells Point Recreation Pier was once used for social and educational gatherings. A ballroom on the second floor of the Head House was used for weddings and dances, as well as for basketball and soccer games. More recently, the site has been used as a
filming location for the television series "Homicide: Life on the Streets" and two movies, including "Step Up." As part of the pier restoration, the developers will replace many of the piles that are sinking into the water. The project will receive federal and state historic tax credits from the U.S. National Park Service and the Maryland Historical Trust.
"Baltimore Housing recognizes the unique character of Recreation Pier and its historic significance to Fells Point, Baltimore City and the State of Maryland," says Housing Commissioner Paul Graziano. "We have been working for years to identify a viable and appropriate reuse for this legendary landmark. With the recent closing of the sales transaction with the developers, I am pleased that we can now move forward with the project."
Source: Housing Authority of Baltimore City
Writer: Walaika Haskins