Cordish Asks Baltimore For Power Plant Rent Cut

BALTIMORE (AP) — The Cordish Cos. is asking for $3 million in rent cuts at two city-owned properties in Baltimore’s Inner Harbor Power Plant complex in exchange for improvements of between $6 million and $9 million.

Company officials met Thursday with directors of the Baltimore Development Corp. to outline their plans to keep tenants and attract new ones. The site has been mentioned as the new home of a Phillips Seafood restaurant which recently left its longtime Inner Harbor location nearby.

City and company officials say the Power Plant property is 40 percent vacant following the departures of the ESPN Zone and Gold’s Gym. Leases are also due to expire for two more large tenants, the Barnes and Noble bookstore and the Hard Rock Cafe.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Comments

One Comment

  1. annon says:

    What a guy. Oh wait, who will actually provide the true cost of the rennovations? Mr. C? Something about the fox and chicked coop. Wouldn’t surprise if the real cost is also 3M or less.
    If the city would get off it’s 123 and cut the property tax in half, special deals for special folks wouldn’t be necessary.

  2. PAUL E. MICELLI says:

    WHO’S GOING TO EAT THIS ONE, THE TAXPAYERS? WHERE IS THE 3MILLION GOING TO COME FROM, THE CITY BUDGET? LOOKS LIKE TAXES ARE GOING UP AGAIN, HOLD ON TO YOUR POCKETS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  3. chalkie says:

    If they are asking for 3 million in rent cuts, how much are they actually paying a month to the city for rent? I know thats why several things have failed at the power plant is because of the rent, maybe the city should consider lowering the rent or maybe sell the property to one of the buisnesses. I look at it like this, if I can keep people in this place where they can make money, then I know the city is going to make money all the way around. But if it is vacant the city isn’t making anything and actually costing them in the long run. So if Cordish Co. can actually prove they are going to put atleast 5 million into the property they don’t own, the city would be foolish not to give them the break. Because if they leave the city has to make improvements to it before someone else would ever consider renting there. Remember they are asking for a rent break from the city, they are not asking the city to put money in, so this really will not affect the budget if they give them a discount. It will effect the city budget if these places go vacant, because the city will have to put major money into the power plant just to attract a new renter. They already are putting in alot of money at power plant live which is a block away from the inner harbor.

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