FORMER MIRAGE NIGHTCLUB/GERMAN SAVINGS BANK 401 W. … · 2017-10-07 · landmark property former...

L A N D M A R K P R O P E R T Y

FORMER MIRAGE NIGHTCLUB/GERMAN SAVINGS BANK

401 W. BALTIMORE, BALTIMORE, MD 21201

R E TA I L P RO P E RT Y F O R L E A S E

for more information contact:

LEO MCDERMOTT \\ [email protected] \\ 202.744.6910

CODY CHAMBERLAIN \\ [email protected] \\ 410.530.6502

RA J RANDHAWA \\ RA [email protected] \\ 443.668.8814

B R E X TO N C R E .C O M | @ B R E X TO N C R E





Freestanding retail building in the Bromo Tower Arts & Entertainment District ofBaltimore City. The former German Savings Bank features Beaux-Arts, Classical Revivalarchitecture and an elegant interior with multiple palladium windows. The buildingfeatures the following: a full kitchen with equipment, two hood systems (1 charcoal hood,1 gas range hood), 11-computer POS system, 14-tap beer draft system with keg cooler, 3soda guns, high wattage surround sound speaker system, 5 restrooms, and a spotlight &projector system fixed to exposed rafters in the center of the space.

PROPERTY OVERVIEW

Conveniently located in the Bromo Tower Arts & Entertainment District just opposite theHippodrome Theatre in downtown Baltimore. The Bromo Tower Arts & Entertainment Districtwas established in 2012 to promote the area as a thriving arts neighborhood. The Bromo TowerA&E District totals 117 acres and is anchored to the south by the Bromo Seltzer Arts Tower,stretches north to include the historic Lexington Market and Antique Row which is just blocksaway from Mount Vernon. The District builds on a significant collection of existing cultural assets,including large visual and performing arts venues, local artist-run spaces offering a professional,high-caliber of visual artistic production and display, performance art, and theatres.

The District is located in close proximity to the city’s main sports venues, the convention center,Charles Center, the Inner Harbor, the University of Maryland and Mount Vernon. It is well-servedby several modes of transportation including the light rail, MARC train (regional commuter line),Metro system (subway), MTA local bus lines and the Charm City Circulator (free ridership).

LOCATION OVERVIEW

OFFERING SUMMARY

Available SF: 4,680 SF

Lease Rate: $30.00 SF/yr (NNN)

Lot Size: 4,704 SF

Year Built: 1900

Building Size: 4,680 SF

Renovated: 2010

Zoning: B-4-2 (C-5 DC as of

June 1, 2017)

L A N D M A R KE X E C U T I V E S U M M A R Y

FORMER NIGHTCLUB/BANK FOR LEASE







E X T E R I O RA D D I T I O N A L P H O T O S

FORMER NIGHTCLUB FOR LEASE







I N T E R I O RA D D I T I O N A L P H O T O S








N E I G H B O R H O O D R O U T E SP U B L I C T R A N S P O R T A T I O N








N E I G H B O R H O O DR E T A I L E R M A P








* Demographic data derived from 2010 US Census

POPULATION 1 MILE 2 MILES 3 MILESTOTAL POPULATION 32,760 141,361 273,464

MEDIAN AGE 31.0 32.3 33.2

MEDIAN AGE (MALE) 30.1 31.4 32.3

MEDIAN AGE (FEMALE) 31.3 32.8 33.7

HOUSEHOLDS & INCOME 1 MILE 2 MILES 3 MILESTOTAL HOUSEHOLDS 16,686 59,070 108,094

# OF PERSONS PER HH 2.0 2.4 2.5

AVERAGE HH INCOME $49,540 $51,414 $51,151

AVERAGE HOUSE VALUE $337,484 $279,753 $238,262

4 0 1 W . B A L T I M O R ED E M O G R A P H I C S M A P



WESTSIDE

The property lies within the downtown area known as the Westside. This district is defined as the area

bounded by Pratt and Camden Streets to the South, Franklin Street to the north, Martin Luther King, Jr.

Boulevard to the west and Liberty Street to the east. The largest employer and economic force within the

area is the University of Maryland-Baltimore (UMB), the University of Maryland Medical System (UMMS),

and the University of Maryland Biopark. This area is experiencing significant new development as the

central business district (Center City) continues to expand due to improving demographics and a trend

toward more residential development.

Several notable developments currently underway or planned within the Westside include the following:

University Lofts: The property consists of surface parking and two historic buildings formerly

known as the Sons of Italy building at 410 W. Fayette Street, which is planned to be demolished,

and the six-story Drovers Bank building located at 100-104 N. Eutaw Street, which will be gutted

and rehabbed as an office building. The balance of the site is planned to be improved with a 230-

unit residential rental apartment building and 134-space parking garage. The developer is Focus

Development.

Royal Farms Arena: A 54-year old, 14,000 sf entertainment facility which competes with other

small centers along the east coast. The Maryland Stadium Authority has approved a $1.0 Million

study for a new convention center, which is to include an analysis of either renovating the arena

in its current location or building a new facility as part of an expansion of the convention center

with a new hotel.

2 & 10 Hopkins Plaza (Former Mercantile Bank & Trust): This 440,000 sf complex includes a

379,000 sf, 22-story office building and 25,000 sf, 3-story pavilion retail building constructed in

1970. This complex was recently purchased at auction by Berman Properties of Bethesda,

Maryland for $5.7 Million. It is presently under renovation, with floors 2 thru 10 leased to the

Army Corp of Engineers, floors 11 thru 21 planned as rental apartments, and the first floor and

adjacent pavilion building being retail. Completion of the renovation is planned by 2018.

Lexington Market (Founded in 1782): Indoor market featuring a variety of food, vegetable, meat

and seafood purveyors. Facility is planned for a $27.0 Million overhaul upon its successful funding

comprised of public, private and foundation sources of capital. Murphy and Dittenhafer

Architects of York, Pennsylvania are the design architects. Whiting Turner and Mahogany are

providing pre-construction management.

Metro West (Former Social Security Administration offices): Complex was recently purchased by

Caves Valley Partners at auction for $7.0 Million. The 11.0 acre, 1.1 million square foot property

is likely to be repositioned as a mixture of commercial and residential uses following a lease with

an anchor tenant.

Superblock: Four block area bounded by Clay, Liberty, Howard and Fayette Streets, featuring a

variety of commercial buildings. Baltimore City has a Request For Proposals (RFP) out to

investors/developers for redevelopment.

Former Sheraton City Center Hotel: A two tower, 706 room hotel purchased in late 2015 by

McSam Hotel Group for $14.4 Million. The north tower featuring 323 rooms has recently been

rebranded as the Radisson Hotel Baltimore Downtown Inner-Harbor. The 383-room south tower

is presently under renovation and will be rebranded under a different hotel flag.

325 West Baltimore Street: A proposed 32-Story Class A mixed-use tower located on the south

side of West Baltimore Street adjacent to the University of Maryland Medical System campus. The

building will feature a 380-space parking garage and 321 one-bedroom and two-bedroom rental

apartments with rooftop terraces that will provide landscaped sun deck and pool amenities for

residents. The developer is David S. Brown Enterprises.

Mulberry @ Park: A new 68-unit affordable housing development featuring one, two and three

bedroom apartments and 18 parking spaces. The developer is Enterprise Housing Corporation.

L on Liberty: Proposed 71 unit LEED Gold apartment building featuring 32 1-bedroom, 31 2-

bedroom, and 8 3-bedroom units; Amenities include a Business Center, Fitness Room, Bicycle

Storage, and roof terrace. The developer is the Housing Trust of America who also developed the

M on Madison Street rental apartments.

423-425 N. Howard Street: Adaptive reuse project consisting of 50 rental apartments and 3,500

sf of retail constructed by the AZ Group.

RETAIL DEVELOPMENT

Downtown Baltimore, mirroring the national trend over the past decade, is experiencing a large influx of

new residents of all ages moving back into the city. This population increase is driving a lot of new

residential construction activity in adaptive reuse of older, historic buildings and new ground-up

construction.

According to the Downtown Partnership of Baltimore (DPOB), Baltimore City now has 42,861 residents,

122,242 employees and over 25 million visitors each year. Some of the economic characteristics

attributable to the resident base are as follows:

• More than 14,500 people living in Downtown are employed. The number of employed residents

increased by 18% between 2009 and 2013.

• Just over half of all employed Downtown residents are between the ages of 30 and 54. About one third

of employed Downtown residents are aged 29 or under.

• The highest rate of growth occurred among older workers: the number of employed Downtown

residents aged 55 or older increased by more than 40% between 2009 and 2013.

• About half of employed Downtown residents earn more than $40,000 per year. The percentage of

workers earning less has slightly decreased over the past five years, while the share of workers earning

more has slightly increased.

• Nearly half (46%) of employed Downtown residents work in Baltimore City. Another 19% commute to

Baltimore County, and about 7% are employed outside of Maryland including 2.5% who commute to

Washington, DC.

• For Downtown, 92.2% of the labor force is estimated to be employed for the current year while

Baltimore is at 87.2% and the United States holds at 91.1%.

While retail lags the increase in population and employment in the city, there are definite signs that the

demand for more retail services is growing and should benefit new and existing buildings within

downtown Baltimore. The 2013 development of the Canton Crossing Shopping Center in the Canton area

of downtown attracted your typical suburban retailers like Harris Teeter, Michaels, Target, Old Navy, DSW,

Loft, Five Below, Ulta and more. Phase Two of the center will break ground in the spring of 2019, adding

90,000 square feet, anchored by a 32,500 square foot Nordstrom Rack.

Port Covington, one of the largest urban development projects in the county, is planned to development

266 acres of underutilized industrial waterfront by Sagamore Development (development arm of Under

Armour). This mixed-use project will create approximately 26,500 jobs and leverage an estimated $5.5

billion in private investment over a 25-year period.

According to a recent article by France Media in the Shopping Center Business magazine, by the end of the decade, the Downtown Partnership of Baltimore forecasts the delivery of an additional 5,200 housing units, 700 hotel rooms, 550,000 square feet of retail space, 2.1 million square feet of office space and 282,000 square feet of combined institutional and public space, representing more than $1.8 billion in new investment. Project delivery downtown in 2016 exceeded a half billion dollars, which surpassed the combined total volume from 2014 and 2015. Baltimore generated about $1.2 billion in retail in 2016.

Other national retailers relocating to Pratt Street in City Center include such brands as Pandora, Michael

Kors, Anthropologie, Marshall’s, Payless, Victoria’s Secret, Johnston & Murphy, Footlocker, Claire’s, ALDO,

Shake Shack, Chick-fil-A, and CVS.

OTHER NOTABLE RETAIL OPENINGS - DOWNTOWN BALTIMORE

COMPANY NAME STORE LOCATION SIZE SUBMARKET

Brick-N-Fire Pizza 110 S. Eutaw Bromo Arts Tower

Maiwand Grill 324 W. Baltimore Bromo Arts Tower

Rotitto's 101 W. Lexington St. Bromo Arts Tower

Collector's Corner 403 N. Charles City Center

CorCycle 115 N. Charles St. City Center

David & Dad's Café 113 N. Charles St. City Center

The Bun Shop 22 Light Street City Center

Under Armour Performance Center-FX 10 Light St. City Center

Starbucks 10 Light St. City Center

L3 Skybar 20 W. Baltimore St. City Center

Nalleys Fresh 400 E. Pratt St. City Center

Corner Bakery 500 E. Pratt St. City Center

Chickern Rico 55 Marketplace City Center

Family Meal 621 E. Pratt City Center

Mi & Yu Noodle Bar 520 Park Ave. Mt. Vernon

The Elephant 924 N. Charles St. Mt. Vernon

Warby Parker 807 Aliceanna St. Inner Harbor East

Brooks Brothers 809 Aliceanna St. Inner Harbor East

Free People 1001 Aliceanna St. Inner Harbor East

Lush Cosmetics 1001 Aliceanna St. Inner Harbor East

Loch Bar 240 Int'l. Dr. Inner Harbor East

Insomnia Cookies 812 S. Broadway Fells Point

Boston Pizza & Sports Bar 819 Pratt Street Little Italy

FORMER MIRAGE NIGHTCLUB/GERMAN SAVINGS BANK 401 W. … · 2017-10-07 · landmark property former...

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