Bank of America said it is looking for a buyer to take over Centerpoint, which has been a centerpiece in Baltimore?s westside revitalization.
The combination residential and retail complex at Howard and Fayette streets features an 18-story apartment tower and street-level retailers including aStarbucks coffee shop and a 7-Eleven.
Bank of America?s Community Development Corp., which specializes in redeveloping distressed urban and community areas, said selling the property is part of the company?s strategy to build such projects, sell them and then use the money for other projects.
“With these types of investments, we are looking to be a catalyst to promote change in a particular community,” said Laura Gamble, president of Bank of America Maryland.
Gamble recalled getting calls “every week” from residents wondering what progress was being made with Centerpoint.
“The fact that I haven?t gotten a call in six months let?s me know Centerpoint has been successful,” Gamble said.
Bank of America will retain a $14 million stake in the project that was part of the bank?s federal tax credit for restoring historic property.
Some of the original property on the site that was rehabilitated was historic.
The residential units are 80 percent leased and the retail space is about 50 percent leased, said Greg Barnard, a spokesman for Bank of America?s Community Development Corp.
Centerpoint and Bank of America?s overhaul and renovation of the Hippodrome Theater nearby were at one point the largest development projects that Bank of America had going in the nation.
Bank of America has tapped the Baltimore office of CB Richard Ellis to handle the sale.
“Centerpoint represents one of those properties that offer luxury amenities and a great location relative to the central business district and the University of Maryland,” said Michael Muldowney, executive vice president of CB Richard Ellis?s Baltimore office.
Muldowney said institutional investors may look to buy Centerpoint because strong projected job growth in the community makes it a good investment.
Ronald Kreitner, executive director of Westside Renaissance Inc., said Centerpoint has sparked more residential development on the city?s westside.
Centerpoint
» 8 N. Howard St., Baltimore,
» Features 11 buildings spanning a city block
» Monthly rental rates range from a $820 studio to a $4,500 penthouse
» Fitness center, restaurant and courtesy patrol on site
