WESTMINSTER — Two brothers from Pikesville, Baltimore County, have plans to revitalize Sherwood Square by leasing many of the empty stores as office space, their Realtor said.
Robert L. Max said he and his brother, David M. Max, have signed a contract to buy the building at 15 E. Main St. and will settle May 22.
Robert Max said he would not comment further about their plans until then.
Michael L. Mason of O'Conor Piper and Flynn Realtors in Westminster said the Max brothers hired him to lease the building.
Mason said 23,000 square feet in the 50,000-square-foot mall are available.
The mall has been owned since August 1989 by a Baltimore bank, which bought the property at a foreclosure auction. The previousowners ran into financial problems and fought legal battles for nearly four years before selling the building.
Two representatives of Fairfax Savings Association who deal with Sherwood Square could not be reached for comment.
The new owners want to change the image of the building, which has undergone various renovations in the last 11 years, Mason said. It has never been more than half full.
They want to make it "a fairly nice office complex," he said.
The retail stores currently occupying store fronts on Main Street will remain, but mall owners hope to lease inside space to doctors, dentists, lawyers, insurance salesmen and other office users, Mason said.
The mallhas 10 tenants now, including three offices and a dance studio upstairs.
Robert M. Coffey, owner of Coffey Music on the first floor inside the mall, said he hopes to stay.
The rent, at $11 a square foot, is comparable to that of other buildings on Main Street, which lease for $9 to $11 a square foot, Mason said.
One space in the backof the building, which was once occupied by a grocery store, lends itself to a bakery or restaurant, he said. The new owners have talked with several interested tenants, he said.