Daniel J. Sernovitz, Staff
Cited Source: Baltimore Business Journal
A Baltimore County developer plans to resume work at the 51-acre Hollander 95 Business Park in East Baltimore, a project that has been in limbo since its last development team filed for bankruptcy nearly eight months ago.
FRP Development Corp. of Sparks recently acquired the former Hollander Ridge public housing site from M&T Bank and plans to spend about $1 million on grading and infrastructure work to ready the site for future construction.
FRP has developed similar projects across Greater Baltimore and was anxious to pick up where the business park’s previous owner left off, said FRP President David H. deVilliers Jr.
“We’re going to start as fast as we can go,” deVilliers said.
The company has retained SEH Excavating Contracting of Finksburg and is hoping to start work as soon as it obtains the permits it needs from Baltimore City.
The park was being developed by Hollander Rock LLC, a team led by H&H Rock Cos. of Elkridge. Hollander Rock, which also included former Baltimore Development Corp. executive Sharon Grinnell, hoped to bring hundreds of jobs and millions of dollars to the area with its project.
The team built just one 82,800-square-foot building before defaulting on the $11.7 million construction loan it took out from M&T Bank to finance the project.
Hollander Rock filed for Chapter 11 bankruptcy protection March 4, a day before M&T planned to sell the property at a foreclosure auction.
The bank gained court approval to auction the property in July. FRP paid $4.3 million for the completed building but did not buy the adjacent land at the time. It struck a private deal to buy the land from M&T for $1.4 million. That transaction closed Oct. 25.
The completed building at Hollander 95 is about 50 percent leased to tenants including Sweet Sin Pastry and T-Stats Supply Inc. FRP has retained NAI KLNB to market the project to prospective tenants.
DeVilliers said he hopes the planned improvements will help bring more companies to Hollander 95.