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Park Lane Shopping Center Sold For $7M

The New Park Heights Community Development Corp. Inc. finalized a deal this month to buy the Park Lane Shopping Center in Northwest Baltimore for $7 million and is plotting the center's long-awaited redevelopment.
The nonprofit's president and CEO Will J. Hanna II says it bought the shopping center at 4400 Park Heights Ave. with private funding.

Three years ago, Baltimore City and the Baltimore Development Corporation approved a $4 million bond to be used for the redevelopment of the shopping center as part of the Park Heights Revitalization area. Hanna says he expects work to begin in January and to be finished by the fall. Stores at the shopping center, at the corner of Park Heights and Coldspring Lane, will remain open during the work.

Park Lane Shopping Center is 263,000 square feet in size, a figure that includes a large parking lot in the rear. Hanna says it is 85 percent occupied, and current tenants include a Dollar Store, pharmacy, mattress store and check cashing place. The CDC will be seeking a bank and other new tenants once the renovations are done. 
Hanna estimates the shopping center is more than four decades old and says it looks "dated." The redevelopment of the property will include a refacing of the exterior and a reallocation of the size of the spaces within, to allow for more new tenants. 
The construction of a library on part of the rear parking lot is also under consideration. “The community wants and needs a library,” says Hanna. He says he has not contacted Baltimore City’s Enoch Pratt Library System and a library would most likely be a private venture.
To celebrate the acquisition, the community’s annual “National Night Out” will be held at the Park Lane Shopping Center. Hanna says his group is partnering with the Baltimore City Police Department and city agencies for the anti-crime event.
Source: Will J. Hanna II, New Park Heights Community Development Corp. Inc.
Writer: Barbara Pash
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