All real estate development begins with a vision.
For John Macsherry, that?s the fun of project planning and construction.
“The neat part about real estate is seeing a piece of property in a very early stage and having an idea of what it could be in the future,” said Macsherry, vice president of development and leasing for Duke Realty Corp. in Baltimore.
Macsherry, 51, joined Duke Realty at the beginning of the year and has taken a lead role in the firm?s development of Chesapeake Commerce Center, a planned multibuilding business park at the former General Motors assembly plant in Baltimore. GM shut the plant down in 2005, and Duke Realty, based in Indianapolis, purchased the land in early 2006.
The project, which Duke Realty intends to invest between $150 million and $175 million in, could include anywhere from 12 to 20 buildings totaling between 2.5 million and 3 million square feet of commercial space when complete.
The development reminds Macsherry of his 20 years with Nottingham Properties and the firm?s development of White Marsh Town Center in Baltimore County in the 1980s. The project started small and evolved into a 2,000-acre community of residential, office, retail and industrial development, he said.
“That was about having a vision,” Macsherry said. “Similar to White Marsh, we have a plan and a vision for Chesapeake Center.”
Macsherry grew up and went to school in the area, and his familiarity with Baltimore?s real estate market made him a valuable asset to Duke Realty.
“He?s developed a lot of positive relationships in the area, which has been huge for us,” said William DeBoer, executive vice president of redevelopment and logistics for Duke Realty. “He?s really jumped into the Chesapeake Center project and taken an interest in every single phase.”
Peter Scholz, senior vice president of Washington operations for Duke Realty, said the firm has invested $1 billion in Baltimore and Washington in the last two years. Macsherry was hired to lead development in the area because of his strong reputation in the region, Scholz said.
“He?s really into all stages of the process, and you need to have people like that in place with these projects,” Scholz said.
