A long-stalled plan to transform the landmark Recreation Pier in Fells Point into a hotel is moving ahead, say Baltimore officials who announced they closed on the $2 million sale of the dilapidated property to developers.
The sale to Recreation Pier Developers LLC paves the way for a $35 million, 132-room Aloft hotel with a restaurant, said officials with the city's Department of Housing and Community Development.
The new owners include city developer J. Joseph Clarke and H&S Properties Development, which built Harbor East. Under an agreement approved in January 2008 by the city's Board of Estimates, the developers agreed to pay the city a $350,000 deposit and up to $1.65 million after the project is complete. The final amount will hinge on the cost of pier restoration, estimated at $8.8 million and including replacing sinking piles.