A local developer has thrown the City of Aberdeen a changeup, presenting plans to build an office park near Ripken Stadium rather than the retail district originally envisioned by planners.
J. Joseph Credit of Towson-based Sherwood Partners LLC has presented plans to the city to build several office buildings adjacent to the stadium, rather than the sports-themed shops, restaurants and a movie theater planned nearly seven years ago. Credit did not return calls for comment Monday.
Recommended Stories
Tax revenue from the retail complex was intended to pay the $6.4 million in bonds issued by the city to help build the $20 million stadium, which hosts the minor-league Aberdeen IronBirds and the annual Cal Ripken Jr. World Series youth baseball event. That revenue also would have created a fund to pay for its maintenance and upkeep, for which the city is contractually responsible.
Instead, the City of Aberdeen has spent more than $1 million from its general fund in the last seven years to pay down that debt, according to city finance director Opiribo Jack. Jack said the city must pay $714,000 toward that debt this year, including $293,000 more from its $13 million general fund.
Jack said the retail district would have resembled The Avenue in White Marsh, developed by Nottingham Properties LLC. Credit previously served as CEO of that firm.
But an office park might now be the better bet thanks to a sharp economic downturn, said James Richardson, Harford County Director of Economic Development. Richardson said some of those offices could be used by businesses moving to nearby Aberdeen Proving Ground as part of the Army’s Base Realignment and Closure.
The vacancy rate for offices in Harford County is 6.5 percent, according to a recent study by commercial real estate firm Cushman and Wakefield. The county is home to 14 office buildings, compared with 258 in Baltimore County, according to the report.
“We actually believe, given this market, that area would be better suited to office buildings for the time being,” Richardson said. “I think when that plan was developed, it was looking longer term and retail was stronger. The way things are, we don’t expect retail to come back for some time.”
Ripken Baseball spokesman John Maroon declined comment, pending further information from the city and Credit about the change in plans.
