Nottingham Properties Inc. has begun construction of the first phase its newest commercial project, Tyler Ridge, in the White Marsh Business Community.
The project, on more than 10 acres along Corporate Drive, will include two flex-use buildings and one office building.
The flex-use buildings, which can be used for research and development or offices, will be 16,691 square feet and 33,692 square feet. The office building will be 29,617 square feet.
The single-story, brick and glass buildings were designed by Hofmann & Associates and will be constructed by Nottingham )) Construction Co.
The buildings are part of a 30-acre development which may include a dozen buildings and up to 325,000 square feet of office space. Tyler Ridge contains Chesapeake & Potomac Telephone's new central switch facility, which is to be completed this year, and an 18,000-square-foot office for Allstate Insurance.
Nottingham Properties is the master developer of White Marsh, a mixed-use planned community.
The difficulty developers are having finding financing for commercial products is evident in recent figures released by Rufus S. Lusk & Son Inc.
In the first half of 1990, the value of commercial land sales in the Baltimore area was $175 million compared with $408 million during the first half of 1989, according to the real estate tracking firm.
In nearly every category, the dollar value of commercial transactions declined, according to the report. Commercial and industrial sales were down $50.5 million and hotel and motel sales declined $7.2 million.
The only increase in the first half of the year was in the sale of apartments and multi-family dwellings. Those were up $15 million compared with the first six months of 1989.
The top commercial transactions in the first half of the year were: the Raddison Hotel in Annapolis, $12.9 million; the Annapolis Holiday Inn, $11.3 million; the Marshfield Business Park in Essex, $9 million; Westinghouse Electric Corp. sale of 76.2 acres in Linthicum, $8.2 million; an office building at Columbia Gateway, $8.2 million; the former Hutzler's store at White Marsh Mall, $8 million; Ingleside Shopping Center at 5600 Baltimore National Pike, $7.9 million; Merion Apartments in Columbia, $7.5 million; Baltimore Washington Investment LP sale of 12 acres in Jessup for $7.2 million; and the Baltimore Life Insurance Co. office building at 901-929 N. Howard St. for $6.5 million.
* Moore Business Forms Inc., has bought more than 8 acres oland in the Meadowridge Business Park in Howard County to build a one-story, 108,000-square-foot distribution facility.
The business park contains a total of 139 acres and is a joint venture between Crystal Hill Investments Inc. and Winchester Commercial, a division of Winchester Homes.