Daily Briefing

DAILY BRIEFING

July 10, 2009

State gets $44 million for affordable housing

Maryland will get more than $44 million in federal funds to spur development of affordable housing projects throughout the state that have been stalled because of the economic downturn, the U.S. Treasury Department announced today. Maryland is one of 12 states or territories selected to receive a total of $486 million this week in American Recovery and Reinvestment Act funding. The federal grants will be awarded to Maryland's Department of Housing and Community Development, which in turn will "subaward" the money as cash grants to help develop or preserve affordable rental projects that meet federal requirements for funding assistance. The funded projects include: Annapolis Gardens and Bowman Court, the redevelopment of 150 units in Annapolis; Penn Square, a new 91-unit development near North Avenue and Pennsylvania Avenue in West Baltimore; Braddock Green, a 50-unit senior housing project in Allegany County; Calvert Heights, the redevelopment of an existing community to create 40 new units in Chestertown, Kent County; and Woods Edge/Rock Hall, the rehabilitation of 104 units in Kent County. These projects will use nearly $38 million of the $44 million coming to Maryland. More projects are being identified for the rest of the money. Most of the projects will get under way this summer or fall. All of the money must be "drawn down" by the end of 2011.

- Edward Gunts

Light Street tower tenant renews 10-year lease

As money manager Legg Mason Inc. continues its move from its headquarters at 100 Light Street in downtown Baltimore to Harbor East, leasing agents for the Light Street tower announced Thursday a 10-year lease renewal by tenant Thomas & Libowitz, which occupies one floor of the city's tallest office building. The law firm will continue to lease nearly 15,000 square feet, while the other four remaining tenants already have committed to their current space on a total of seven floors, said David J. Downey Jr., a senior vice president and principal at commercial real estate firm Colliers Pinkard.

- Lorraine Mirabella

Developer buys vacant Circuit City for new retail

Baltimore developer Vanguard Equities Inc. is planning to redevelop a vacant Circuit City store in the Golden Ring area of Baltimore County and bring in a new retailer, a leasing agent for the developer said Thursday. Vanguard, which develops and owns retail centers throughout Maryland and two other states, finalized a purchase this week of the former Circuit City and the two additional stores in a shopping center at the corner of Pulaski Highway and Rossville Boulevard, known as Golden Ring Center, said Andy Segall, a principal with Segall Group Commercial Real Estate, the leasing agent. The seven-acre center, which includes an NTB tire store and a West Marine boating store, also includes land for additional retail development. Segall said his firm is marketing the center to retailers and hopes to have a redevelopment plan in place by the end of the year.

- Lorraine Mirabella

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