An public sale of the Martick’s constructing and 6 different westside parcels was known as off immediately, after the property house owners got here up with adequate funds to fulfill their lender and avert a substitute trustees’ sale.
“The sale is cancelled,” auctioneer Paul Cooper instructed a small group of people that gathered within the 400 block of Park Avenue to observe the proceedings. The house owners “wired some cash and the sale is cancelled.”
Along with the previous Martick’s Restaurant Francais constructing at 214 West Mulberry Road, the properties scheduled for public sale included 400, 406, 408, 410, 412 and 414 Park Avenue, all a part of the town’s Howard Road Business Historic District.
The Baltimore Improvement Corp. assembled the parcels, solicited bids for them and selected a bunch known as Park Avenue Companions to be the developer. Park Avenue Companions deliberate to construct a $30 million, 94-unit condo constructing on the positioning, together with preservation of the entrance portion of the Martick’s constructing, however by no means moved to the development section.
Nonetheless in Limbo
The public sale was triggered after the builders defaulted on a mortgage from a personal lender, elevating questions on whether or not the mission will ever be constructed.
Cancellation of the public sale implies that Park Avenue Companions remains to be the authorized proprietor of the property and presumably nonetheless might transfer forward with its mission, search for a purchaser or growth accomplice, or default once more.
Nobody from the event crew attended the public sale immediately. The legal professional for the lender additionally was not current, however communicated with the auctioneer by cellphone.
Cooper didn’t disclose how a lot cash was wired or whether or not the mortgage is paid off utterly. He famous that the public sale “may very well be rescheduled.”
Chris Janian, a member of Park Avenue Companions, didn’t instantly reply to a request for details about the standing of the mission.
Among the many individuals gathered for the public sale was Paul Bartlett, a meals service guide who labored at Martick’s on and off for 40 years and wrote a cookbook and memoir with restaurateur Morris Martick, entitled Bouillabaisse on Mulberry Road.
Bartlett stated he was a part of a bunch that submitted a competing bid for the Park Avenue assemblage and that he’s unhappy to see that the chosen developer hasn’t moved forward with its mission.
The competing crew was headed by Lehr Jackson Associates, with BCT Design Group because the lead architect.
It deliberate a mixed-use growth known as Artwork @ Park that may have restored and expanded Martick’s as a outstanding function of its mission, together with artists’ housing and different retailers, eating places and arts-oriented areas.
Bartlett stated he thought the town’s growth company ought to have chosen Jackson’s bid over Park Avenue Companions’ bid, not solely as a result of it celebrated Martick’s however as a result of Jackson had in depth expertise with native and nationwide initiatives, together with Union Station in Washington, D. C.; Grand Central Terminal in New York Metropolis and Belvedere Sq. in north Baltimore.
Jackson’s crew “had an amazing quantity of expertise with the Baltimore market,” and its proposal “would have revitalized the entire space,” he stated. “It made lots of sense. I believed it was the higher alternative.”