RWN Development Group, owned by award-winning regional developer Richard Naing, announces the auction of 316-18 Guilford Avenue, the former location of Hammerjack’s Nightclub and Bourbon Street Nightclub, on Tuesday, June 6th.
The 24,254 GSF building, originally purchased for $4M in 2006 and repurchased in 2015 for less than $1M, is located in the heart of Baltimore, MD. It’s just three blocks from the Inner Harbor and is centrally located within walking distance to major hotels, upscale apartments and luxury retail. It has been a popular entertainment destination, drawing crowds up to 3,000 people. Notable building features include exposed brick interiors, high ceilings and a rooftop deck.
The building is located in the Enterprise Zone, making it eligible for a 10-year Tax Abatement, as well as, a 10% Federal Tax Credit due to the buildings age. Recently, there has been interest in converting the space to tech offices or a specialty food court. Additionally, the site is PUD approved for 100-story hotel or multifamily high rise and has B-4 and 5-2 zoning in the business and central commercial district. Architectural plans for new development and adaptive re-use have been prepared by Kann Partners, and will be conveyed to the buyers.
The 48-hour online live bid event, hosted by Ten-X Commercial, will begin on Tuesday, June 6th and conclude on Thursday, June 8th . Prospective bidders must pre-register online before they can place any bids. The registration process requires prospective bidders to provide proof of funds, which are statements or other documentation demonstrating the bidder’s cash and/or cash-equivalent asset position. The minimum required proof of funds to register for an asset is generally equal to the starting bid of that asset. Additionally, prospective bidders must either sign the participation agreement or submit a refundable participation deposit.
For additional information regarding the property and request for tours, contact Michael McNeill at mcneill@rwndg.com or 410-528-0011x4. For information regarding the architectural drawings, contact Donald Kann at dkann@kannpartners.com.
The RWN Development Group portfolio showcases Richard Naing’s 44-year career in the real estate industry and his more recent commitment to the Baltimore area, such as the redevelopment and preservation of the Hotel Brexton. His previous acquisitions include multi-million dollar properties such as The Equitable Building and The King Ranch in Granby, Colorado, once owned by the Enron Corporation.
Additional auction opportunities include:
202 READ STREET
Baltimore, MD 21201
- 2,070sf
- Chick “P” City Restaurant currently leased
- 3-story property with basement
MT. VERNON APARTMENTS
902-904 St. Paul Street, Baltimore, MD 21202
- 11,400sf
- 16 Duplex & Studio Apartments
- Recently renovated
DISTRICT COURTHOUSE
310 Gay Street, Cambridge, MD 21613
- 24,948sf
- Current 10-year State of Maryland Lease, with expiration in 2027
- Recently renovated
23 PIERSIDE DRIVE
Units 201, 203, 205, 207, Baltimore, MD 21230
- Four commercial waterfront offices
- 7-year lease to one tenant, with expiration in 2023
ABOUT RWN DEVELOPMENT GROUP
RWN Development Group headquarters relocated to Baltimore, Maryland in 2004, from Washington D.C. With 12 years investing in Baltimore and its distinctive buildings, RWN acquired the Boxer Portfolio, which consisted of eight historic buildings in downtown Baltimore, including The Equitable Building and Brown’s Arcade, that have since been converted to hotels, offices, and apartments. Additionally, RWN’s most rewarding achievement was the $7.6 million investment in the redevelopment of the landmark Brexton building, childhood home of Wallis Simpson, which had been abandoned for 25 years. His luxury boutique hotel, The Hotel Brexton, garnered a Baltimore Heritage Preservation Award Award in 2010.
