Former liquor warehouse on 22 Light Street and known as “The Lanahan Building” to be redeveloped by Osprey Property Company with units from 560 to 1,100 square feet of space
Byrnes & Associates, Inc., a Baltimore-based commercial real estate and investment company, has brokered the sale of 22 Light Street, a six-story, 51,510 square foot building in the Inner Harbor area of Baltimore City for $4.25 million. Brad Byrnes, Principal of the company represented both the seller, MCF Capital, and the buyer, Osprey Property Company, who has revealed plans to redevelop the former liquor warehouse building into 40 multifamily units. Known as “The Lanahan Building,” the structure was originally constructed in 1904 and subsequently destroyed in The Great Baltimore Fire, before becoming among the first new structures to emerge from the early century tragedy.
Osprey Property Company intends to invest approximately $21.5 million into a redevelopment plan that will reconfigure the building, once utilized by William Lanahan & Son to produce rye whiskey, into a multifamily use that will be comprised of 36 affordable housing and four market-rate housing units. The size of the apartment homes will range from 560 to 1,100 square feet of space. The new owner also plans to create a ground floor restaurant space fronting Light Street, providing a nod to the former Oriole Cafeteria chain that launched its Baltimore City-wide operations from that site in the early 20th century and continued operations into the mid-1970s. An existing 7-11 convenience story contained on the first level of the building will be retained and remain open throughout the construction process.
22 Light Street is positioned within close proximity to several recently-delivered multifamily developments including One Light and 10 Light and surrounded by an assortment of amenities including sit-down and fast-casual restaurant choices.Multiple mass transportation options are available within walking distance, with bicycle storage racks planned for the building’s basement.
“Osprey Property Company has formulated and intends to execute a creative redevelopment plan that leverages the unique characteristics of this iconic structure, to deliver a residential environment that will stand apart from other downtown-area spaces,” explained Brad Byrnes of Byrnes & Associates. “The company should also be commended for maintaining the integrity of this building, as well as providing a viable solution to the lack of affordable housing options available in Baltimore City. With a typical five-year wait time to access affordable housing downtown, this contrarian approach to the spate of high-rise luxury buildings rising in the City will become a difference-maker for the lives of many.”
Byrnes & Associates, Inc. is a boutique company providing a comprehensive array of commercial real estate brokerage, leasing, development and asset management services to institutional and private investors, companies and other owners. The firm focuses primarily onprojects positioned throughout the greater Baltimore metropolitan region, while offering expertise in the multifamily, retail, and commercial office product sectors. For additional information visit www.ByrnesandAssociatesInc.com.
