1301 Wicomico Street

The Challenge
The property, 1301 Wicomico Street, consists of 16 acres and is located within a short distance of Baltimore's famed Inner Harbor and within a few blocks of the Camden Yards Stadium complex. Originally developed in the 1920s, the site had a long history of heavy industrial uses. Not only was there potential ground water contamination from a coal gasification plant that existed across the street, but also asbestos and PCB's within the building. After many years of trying to sell the property through other brokers, the owners hired the industrial and investment team at MacKenzie.

The Solution
MacKenzie worked with Baltimore Development Corporation, the local economic development agency, to determine the best plan to market the property and resolve the environmental issues at the site. Through its marketing efforts, MacKenzie was fortunate to find a buyer willing to acquire the property as is; consequently, the owners did not have to place the property into the Voluntary Cleanup Program (“VCP”). MacKenzie assisted the buyer in hiring a local environmental attorney and consultant, as well as referred the buyers to the use of the VCP to protect them from environmental liabilities prior to settlement. The buyers took advantage of the program and entered the VCP prior to closing. MacKenzie also arranged several meetings with the Maryland Department of the Environment, the buyers and their counsel to determine the various ways of addressing the environmental issues, utilizing low interest state loan programs.

Services Provided:

• Leasing & Sales
• Corporate Consulting & Strategic Planning
• Financing