What does it mean to be an investor? It means you give or "invest" your money assuming you will get your money back and then some. Some people have multiple investments where, in order for one investment to be properly funded, a return on another investment must mature or be paid back in a timely manner, otherwise all of that person's investments will fall like a house of cards.
Enter 1st Mariner Bank CEO and Developer Ed Hale. Ed Hale was and may some day be yet again, a great investor. It was he who bought the land at Boston St. and Clinton St. in hopes of developing it into prime mixed use waterfront neighborhood and anchor to Canton. It was to be named Canton Crossing. In 2006 the first and perhaps the most well known part of Canton Crossing was completed. It was and is the 1st Mariner Tower which also was Ed Hale's private Residence on the top floor. With lots more development of Canton Crossing on the horizon with retail tenants waiting in line to lease and with the 1st Mariner Tower almost fully leased Ed Hale had it made. Or so we all thought.
In 2008, while we thought everything was hunky dory, Ed Hale was on the brink of financial disaster and as a part of the house of falling cards effect so was Canton Crossing. Although Ed Hale is the CEO of 1st Mariner Bank, he didn't borrow from his own Bank, instead he borrowed from Ixis Real Estate Capital Inc. For reasons unknown, Ed Hale was unable to pay back Ixis and had to default. A Columbia Real Estate firm stepped to throw Ed Hale and Canton Crossing a lifeline in the tune of $24.8 Million. At the time of the economic downturn, Ed Hale was behind on paying back that loan as well and the symbolic tower of Canton Crossing went into receivership.
Since the Canton Crossing tower was always a hot property at 91% leased, so even in the worst recession since the Great Depression it wasn't a huge surprise that it had a buyer relatively quickly after going into receivership. Ed Hale was relieved of his debts and Canton Crossing when it was sold to Corporate Office Properties Trust or COPT.
Ed Hale isn't sure how much of, if any of the undeveloped land in Canton Crossing will go along with his original plans or if he'll have to sell that too. There has been talk of another tower like the 1st Mariner Tower by COPT. If you've seen Canton Crossing's plans you'll see that this wasn't a part of them. This post is dedicated to Ed Hale and his vision for Canton Crossing and an SOS to keep it alive. Luckily, COPT won't be evicting existing tenants in the tower (except Ed Hale himself) but not 1st Mariner Bank. What's made Canton Crossing as successful as it's been is its mixed use concept that seems to be perfectly balanced between Residential, Retial, Office, and a Hotel. There were also talk of a Target and a Harris Teeter. Perhaps the icing in the cake that despite this mix of uses Canton Crossing promised have a Main Street theme with a Promenade.
It is my belief that any disruption to this urban development ecosystem would hurt all existing tenants because they chose Canton Crossing for what they thought would go there. So changing Ed Hale's plans in my opinion would slowly kill the whole project. So join me in my desperate pleas to COPT in saying and those who may end up buying Canton Crossing's additional 31 acres still owned by Hale; Keep Ed Hale's Canton Crossing Alive!
What does it mean to be an investor? It means you give or "invest" your money assuming you will get your money back and then some. Some people have multiple investments where, in order for one investment to be properly funded, a return on another investment must mature or be paid back in a timely manner, otherwise all of that person's investments will fall like a house of cards.
Enter 1st Mariner Bank CEO and Developer Ed Hale. Ed Hale was and may some day be yet again, a great investor. It was he who bought the land at Boston St. and Clinton St. in hopes of developing it into prime mixed use waterfront neighborhood and anchor to Canton. It was to be named Canton Crossing. In 2006 the first and perhaps the most well known part of Canton Crossing was completed. It was and is the 1st Mariner Tower which also was Ed Hale's private Residence on the top floor. With lots more development of Canton Crossing on the horizon with retail tenants waiting in line to lease and with the 1st Mariner Tower almost fully leased Ed Hale had it made. Or so we all thought.
In 2008, while we thought everything was hunky dory, Ed Hale was on the brink of financial disaster and as a part of the house of falling cards effect so was Canton Crossing. Although Ed Hale is the CEO of 1st Mariner Bank, he didn't borrow from his own Bank, instead he borrowed from Ixis Real Estate Capital Inc. For reasons unknown, Ed Hale was unable to pay back Ixis and had to default. A Columbia Real Estate firm stepped to throw Ed Hale and Canton Crossing a lifeline in the tune of $24.8 Million. At the time of the economic downturn, Ed Hale was behind on paying back that loan as well and the symbolic tower of Canton Crossing went into receivership.
Since the Canton Crossing tower was always a hot property at 91% leased, so even in the worst recession since the Great Depression it wasn't a huge surprise that it had a buyer relatively quickly after going into receivership. Ed Hale was relieved of his debts and Canton Crossing when it was sold to Corporate Office Properties Trust or COPT.
Ed Hale isn't sure how much of, if any of the undeveloped land in Canton Crossing will go along with his original plans or if he'll have to sell that too. There has been talk of another tower like the 1st Mariner Tower by COPT. If you've seen Canton Crossing's plans you'll see that this wasn't a part of them. This post is dedicated to Ed Hale and his vision for Canton Crossing and an SOS to keep it alive. Luckily, COPT won't be evicting existing tenants in the tower (except Ed Hale himself) but not 1st Mariner Bank. What's made Canton Crossing as successful as it's been is its mixed use concept that seems to be perfectly balanced between Residential, Retial, Office, and a Hotel. There were also talk of a Target and a Harris Teeter. Perhaps the icing in the cake that despite this mix of uses Canton Crossing promised have a Main Street theme with a Promenade.
It is my belief that any disruption to this urban development ecosystem would hurt all existing tenants because they chose Canton Crossing for what they thought would go there. So changing Ed Hale's plans in my opinion would slowly kill the whole project. So join me in my desperate pleas to COPT in saying and those who may end up buying Canton Crossing's additional 31 acres still owned by Hale; Keep Ed Hale's Canton Crossing Alive!
