One of Baltimore’s leading commercial real estate developers is facing a Valentine’s Day foreclosure auction
on a 43-acre property known as Westport Waterfront.
In November, lender Citigroup Global Markets Realty filed a foreclosure case against developer Patrick Turner, alleging Turner’s holding company, Inner Harbor West LLC, failed to pay back the $30 million loan Citigroup gave the group in July 2007 to finance the massive, mixed use development along the Patapsco River.
Auction house A.J. Billig and Co.
is advertising the sale, which is scheduled to take place Feb.14 on the steps of the Clarence M. Mitchell Jr. Courthouse in downtown Baltimore. The auction is scheduled for 2:30 p.m. The prime Westport Waterfront property is eight parcels, but will be sold as a single unit, with a $500,000 deposit required at the time of purchase, according to the auctioneer.
Turner received city approval in 2007 for his proposed $1.4 billion Westport Waterfront plan, which included 2.5 million sq. ft. of office space, 500 hotel rooms 1,400 residential units, and 300,000 sq. ft. of retail space. His master plan also included an eco-friendly environment, including public parks, biking and walking trails.Foreclosure
is not the only problems plaguing Turner. Two lawsuits involving the project have been filed against Turner’s companies, according to the Baltimore Sun
Although residential foreclosures have received the bulk of the attention during the housing slump of the last seven years, foreclosures have also plagued the commercial real estate market. More than 26,000 commercial properties had a foreclosure filing in 2012, and the average foreclosure judgment amount on those properties was more than $2.6 million, according to RealtyTrac.Related ArticlesBaltimore Edges San Francisco In Battle of Best Place to Buy a ForeclosureIs Now the Time to Buy Foreclosures?RealtyTrac Revamped for 2013: Video