The massive, federally owned Middle River Depot opened yesterday to what county officials hope will be bids for its redevelopment into a thriving shopping and residential town center.
Wednesday, officials said a list of 250 interested parties existed before several development teams toured the 50-acre site, almost all of which is consumed by a 1.9-million-square-foot warehouse. But after federal and county officials disclosed several potential obstacles, including asbestos, lead paint, soil contamination and historic preservation regulations, some stopped short of committing to participate in the online auction carrying a $10 million minimum bid.
“It has a lot of moving parts ? we like to call them challenges,” said Mark Corneal of Trammell Crow development company. “The environmental issues, the historical issues, they all have costs and benefits.”
County officials, including Executive Jim Smith, assured developers of their cooperation and asked teams to consider mixed-use and transit-oriented plans.
Others said the county is prepared to offer tax increment financing, which makes incremental property tax revenues from new development and the resulting appreciation of existing development available to the project. The incentive has never before been used in Baltimore County.
Smith touted almost $800 million in public investment in the region, including the extension of Maryland 43, and said the expected movement of 8,000 jobs at Aberdeen Proving Grounds and 10,000 new jobs at the nearby Crossroads@95 business park ? as well as the site?s proximity to the Middle River MARC station and Martin State Airport ? make it ideal for redevelopment.
“The possibilities are really endless,” he said.
The federal General Services Administration used the depot for the past 60 years for storage, and will oversee the auction. The warehouse once served as a Martin Aircraft manufacturing plant during World War II.
To appease community residents who want to protect the building, the sale will be contingent on an “open-ended” preservation easement, said Michael Day, deputy director of the Maryland Historical Trust. The restrictions on project proposals can?t be determined until after proposals are evaluated, he said, but the state might offer tax incentives as well.
“We want to make sure we can consider all proposals,” he said. “The bottom line is the historic essence of this property must be preserved.”
