Trammell Crow Co. has been awarded the exclusive listing assignment for Union Wharf, a planned 133,000-square-foot mixed-use development project in Fells Point.
The development will be located at 933 S. Wolfe St., directly on the harbor. Groundbreaking for the project is expected to take place this summer, and completion is slated for the first quarter of 2008.
“It?s a significant development in the Fells Point/Canton area and it follows on the heels of another project we were recently involved with called Canton Crossing, where we had a great deal of success,” said T. Courtenay Jenkins III, the company?s vice president. “This project is a little different in that it?s in Fells Point. We feel that the Fells Point location has become very popular and is in need of some additional office space.”
Jenkins added that historically, the Fells Point area has been attractive for creative companies like advertising agencies and architectural firms, but increasingly it has become a hotbed for all type of companies, especially financial firms.
“Companies that are typically in the [central business district] are branching out into new markets,” he said.
Once completed, the $65 million project will include about 109,000 square feet of Class A office space with typical floor sizes of 24,000 square feet. The top two floors of office space will be entirely glass-enclosed from floor to ceiling, with an internal elevator-sized mezzanine. The building?s ground floor will have 20,000 square feet of retail space. The building will also feature some on-site parking and 52 boat slips. Additional buildings will include more retail space and high-end condominiums.
“You can literally be out of your office and in your sailboat in minutes,” said Jenkins.
The project is being developed by Larry Silverstein, along with undisclosed partner firms. Silverstein has developed other Baltimore projects such as the Canal Street Malt House, the TBC Building and Lancaster Square at 1820 Lancaster St. Silverstein couldnot be reached for comment.
Jenkins said that he expects the building to be 50 percent leased prior to completion and that leasing rates have yet to be determined.
“It?s always a challenge to lease a building before it is up and finished in Baltimore,” said Jenkins. “But I think this project is going to receive a great deal of attention.”
