Mar 09 2009
Sale of Pimlico and Harborplace Could be a Good Thing
It was recently announced that two crown jewels of Baltimore, Pimlico Race Track and Harbor Place are being put up for sale. Magna (Owner of Pimlico) and General Growth Properties(Owner of Harbor Place) are both in financial straights and in desperate need of cash.
The fear is that the prominent properties might be bought out by a developer that might ultimately drive the them into the ground, however, I would argue that this has already happened by the current proprietors. For instance, when General Growth bought Harbor Place, about the only improvement was the addition of Urban Outfitters where the Discovery Store used to be….compare this to several restaurants and other tenants that have left and are yet to be replaced. And lets face it…Pimlico is in desperate need of a face lift and a breath of new life if it expects to make money any day of the year other than Preakness.
Both properties have incredible potential for the right buyer, and frankly, I don’t think anyone need to be concerned about either properties getting any worse. I don’t particularly see Preakness leaving Baltimore, because I sincerely doubt it would be profitable anywhere else.
Rumor has it that Cordish Company, which apparently has expendable cash, is eying Harbor Place, and could revitalize it as an all around entertainment venue. If we’re lucky, perhaps profitable Churchill Downs will make a bid for Pimlico. They lost the bid to Magna the last time the track was sold.
Let’s hope whoever buys these properties will help them regain their true potential.
2 Comments to “Sale of Pimlico and Harborplace Could be a Good Thing”
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I think a sale of Harborplace and the Gallery would definitely be a good thing. They’re both looking pretty shabby and the number of vacancies are unacceptable given the location, even in the current economy. The food courts are always busy at lunchtime, yet at least half the stands are vacant in both buildings. It would seem to me that the rent is too high for businesses to be profitable.
Both properties are critical tourist destinations for the City and both have fallen into a sad state of disrepare (Look at the roofs on Harborplace!?). Neither property has been used to anywhere near its full potential.
The Gallery, I believe, has a dollar store on the second floor right now. This should be a prime retail destination for the City and especially for tourists, but it definitely is not and they are losing stores on their first floor as well (don’t get me started on the vendors in Harborplace).
The racetrack is perhaps an even sadder state of affairs. I love horses and the maryland racing tradition, but the venue needs to expand its scope to host are largeer number of non-horse related events if it wishes to prosper (or even exist) in the future.
Its hard to imagine that new ownership can be a bad (or worse) thing.