Maryland Prime Property on Commercial Foreclosures Auction

Time icon October 16th, 2009 by Autor jfoxx

A prime pier at the Canton Waterfront in Baltimore, Maryland has been placed on commercial foreclosures auctions. The waterfront pier is known for its picturesque and amazing views of the city skyline and the harbor.

It has been classified for commercial use and within walking distance of boat slips, restaurants, upscale condominiums and shops. However, the pier defied redevelopment efforts despite the significant changes around the harbor front.

Maryland Prime Property on Commercial Foreclosures Auction

Industry experts said that the pier is the last dormant area of the redeveloped coastline in Baltimore. The plight of this waterfront property mirrored the deteriorating condition in the commercial real estate market in Maryland and across the country.

The number of commercial foreclosures is rising at an alarming rate and speed. Industry experts attributed the increase to the worsening financial crisis and massive job loss.

Experts said that the Baltimore pier is a fabulous, prime property that will be an asset to whoever could figure out how to generate revenue from it. The pier, made of concrete and asphalt, is over 50 years old. It measures 124-foot in width and 237-foot in length. The pier was once a docking place for oyster boats.

The foreclosure auction is made on behalf of Alvin Pomerantz Revocable Trust. The Baltimore pier was purchased by three investors in 2006 but never made any development on it. According to court records, the owners are JAB Ventures LLC, Alan Piscatelli and 2361-73 Boston Street LLC.

Industry experts said that the pier is at the center of the Canton Waterfront. However, the development on the area did not materialize because there is no access to vehicles. This is the reason why city officials did not allow construction on the area.

The property was part of a townhouse community developed 30 years ago. One of the developers Louis Grasmick said that the original plan was to use the property to provide amenities for residents, such as a tennis court, garden or swimming pool. But he failed to get any permit to construct from the city because of lack of vehicle access.

The auctioneer at the commercial foreclosures sale has been asking for a deposit of $20,000 for the property. Industry experts think that the property has a potential as recreational fishing pier or miniature golf course.

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