What's next for Struever Brothers?

Published Dec 08 2008, 10:45 AM by Ian Donnis

It has been a long and winding road in Rhode Island for Struever Brothers, the Baltimore-based developer, from the time when Bill Struever emerged as a potential white knight in the Eagle Square debacle about seven years ago. More recently, the company and its local efforts have come in for steady criticism from artists and foes of gentrification.

Matt has an update on the latest:

One of Rhode Island's most prominent and controversial developers - Struever Bros - has recently layed off a majority of their staff in Rhode Island and now they are selling off one of their prized assets in Baltimore.

Developer Struever Bros. Eccles & Rouse has announced that Tide Point, one of its largest and most prominent commercial projects, is for sale for $102 million, putting into play more than half a million square feet of office space occupied by some of Baltimore’s most notable companies.

Tide Point is listed on the Web site of commercial broker CB Richard Ellis, represented exclusively by brokers Jonathan H. Beard and Robert T. “Bo” Cashman, and the listing indicates that the developer is seeking an 80 percent equity partner for the property.

Reached by phone Monday, Beard said he had been in talks with Struever Bros. since at least August.

“They’re looking to liquidate the asset,” he said. “I don’t want to get into all the reasons. … In this market you want to be bullish with your assets.”

It is unclear on how this impacts the SBER projects at ALCO or at Dynamo House. The Providence City Council is expected to take up the SBER proposal for a tax break for their ALCO project tonight at City Hall.

Filed Under: Development

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What's next for Struever Brothers?
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