Baltimore’s MCB Real Estate to Take Over Harborplace

| April 5, 2022 | 0 Comments

Baltimore-based development company MCB Real Estate LLC will take over the Harborplace Pavilions at the Inner Harbor. The pavilions have been stuck in receivership since June 2019 and the vacancies have been piling up in recent months. The Light Street Pavilion now just has two tenants left. There are also a number of vacancies in the Pratt Street Pavilion.

Baltimore City Mayor Brandon Scott made the announcement today during his State of the City address.

MCB is led by Managing Partners P. David Bramble and Peter M. Pinkard.

MCB owns The Rotunda mixed-use development in Hampden; has opened the first phase of the Yard 56 mixed-use project in Bayview; and is under construction on the Northwood Commons retail complex next to Morgan State University. The company is also planning a new skyscraper across from Harborplace at 300 E. Pratt St.

Mayor Scott said the following in his address today:

When I was growing up Harborplace was a destination, a place that Baltimore’s and people from out of town were excited to visit. But it has been on a steady decline for years, no longer living up to its reputation or its promise. Since taking office last December, I’ve been constantly asked what the future will hold for this once destination location. But today all of that changes. Today West Baltimore’s very own David Bramble has announced that he has the right to bring private investment for a revitalized harbor place. Today we start a new chapter for Harborplace; bringing Baltimore vision, Baltimore community investment, and Baltimore style to transform Harborplace into a landmark destination where residents can go to enjoy the best that we have to offer; thriving small businesses, green spaces, and cultural venues. Dave has my full support and support of my entire administration as he navigates the receivership process and works to bring hundreds of millions of dollars of investment to this part of the city.

“Harborplace is Baltimore’s front porch – first and foremost, a destination location for residents of the City and surrounding region,” said Bramble in a press release. “The level of disinvestment and disrepair that has happened to one of our City’s crown jewels has been heartbreaking for me and so many others.  MCB is incredibly excited to launch the largest community engagement process in the history of Baltimore and attract new investment to the City. We will reinvent and reimagine Harborplace as a modern gathering location that is awe-inspiring and authentically Baltimore.”

The court-appointed receiver, IVL Group, will file to seek approval for the deal in Baltimore City Circuit Court. Once approved, MCB will begin planning and design in conjunction with leaders and residents of Baltimore.

“This is a great outcome for the City and its residents,” said Ian Lagowitz, Court-appointed receiver and principal at IVL Group, in a press release. “We are excited that this sale will move forward with MCB.” 

Ashkenazy Acquisition Corporation took over ownership of the Light Street and Pratt Street Pavilions at Harborplace in 2013 and began renovations in 2017. But, the renovations dragged on and tenants began to leave the complex in recent years. This included Bubba Gump Shrimp Co., H&M, Johnny Rockets, Crabby Jacks, Banana Republic, Ripley’s Believe It or Not, Philly Pretzel Factory, Urban Outfitters, Build-A-Bear, M&S Grille, Noodles & Company, Five Guys, and La Tasca.

Businesses that remain open at Harborplace are Hooters and Neighborhoods Urban Goods at the Light Street Pavilion, and The Cheesecake Factory, Uno Chicago Grill, Tir Na Nog Irish Restaurant & Pub, IT’SUGAR, Mason’s Famous Lobster Rolls, Crystal Cove, Crepe Lena, Tobacco Etc., Bombay Beadz, and recently-opened Life in Charm City in the Pratt Street Pavilion. did a photo tour of the pavilions last month.

Waterfront Partnership President Laurie Schwartz hinted to last fall the ownership situation at the shopping pavilions would be resolved soon.

This article has been updated 

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