RadioOnFire.com - A Baltimore developer is planning on investing $15-million dollars to build new stores and a new shopping center in the riot damaged areas of West Baltimore.
Carl Verstandig, president of America's Realty, LLC, which owns a number of shopping centers in Baltimore City says he has purchased about a dozen properties whose owners sold after they were damaged in the riots.
Verstandig says he has received calls from all over the country for interested partners and tenants.
Verstandig also says a deal has been finalized with Greenwood Properties, to develop a 100- thousand square foot shopping plaza along North Avenue in a vacant building and an adjacent one acre parcel.
Verstandig says the shopping center will feature and international grocery, urgent care center, restaurants and other tenants.
Verstandig offers some tenants discounted, or even free rent to help develop the properties.
Verstandig believes the shopping center project can be completed in a year. Verstandig owns shopping centers in 17 states. He owns more than 30 properties in Maryland, including the Edmondson Village Shopping Center, and Pimlico Center in Baltimore City.
He also owns more than a dozen former 7-Eleven stores which now operate as independent convenient stores across the city.
The number of Baltimore businesses known to have been damaged by riots and looting last week has reached about 300, state officials said Thursday.
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