An agreement was signed Wednesday between Baltimore City and the Harry and Jeanette Weinberg Foundation to swap land that each owns in order to move forward the development of the 3.6-acre West Side project known as “superblock.”
Officials have promised the Weinberg Foundation that, in addition to swapping two pieces of land it owns, it will also deliver the land owned by Maryland businessman Nam Seo Koo, whose New York Fashions store on Lexington Street is central to the swap.
“We can?t do the exchange until the city acquires [Koo?s] part of the deal,” said Shale Stiller, president of the Weinberg Foundation Inc. “If not, the deal is off.”
Stiller joined Mayor Sheila Dixon to announce the agreement, which calls for the Weinberg Foundation to turn over 15 pieces of land it owns to Baltimore City, and for the city to deliver its land plus Koo?s and cash in the exchange.
However Koo?s attorney, John Murphy, said he felt that if the deal hinges on his client?s property, both sides probably shouldn?t let the ink dry.
“Mr. Koo owns the property and he very much wants to remain the owner,” Murphy said.
The Lexington location is Koo?s flagship store for his New York Fashions chain. He also has stores in Mondawmin, Owings Mills Mall and Towson Town Center.
“The city will order two appraisals on Mr. Koo?s property and offer him a buyout at the higher of the two,” said Andrew Frank, deputy mayor for economic development. “If he refuses the offer, then we will move forward with eminent domain, put the money into escrow and let the courts decide.”
The city hopes that Koo will accept its offer and, working with the Baltimore Development Corporation, relocate to a comparable site in the West Side. Baltimore City would absorb 100 percent of Koo?s relocation expenses.
Officials hope to break ground in 2008 with the Weinberg Foundation and Cordish Company spearheading the redevelopment of the southside and Lexington Square Partners developing the northside including the former Greyhound bus station. Plans are for a mix of office, retail, parking and residential space.
