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CEDC Hopes To Convert Former M&T Bank Building Into Boutique Hotel

May 16th, 2019 by WCBC Radio

The Cumberland Economic Development Corporation signed a contract last month to purchase the former M&T Bank Building located on the downtown mall with hopes that it can be converted into a boutique hotel. Paul Kelly, executive director of the CEDC, during a work session with the Cumberland Mayor and City Council said the goal is to close the deal by the end of next month. The purchase price is $500,000 for the 44,000 square foot building which has a tax assessment of $1.6 million.  Located at 118 Baltimore Street- the long discussed plan has been to convert the five-story, 44,000-square-feet building is to redevelop the structure into a 48-room boutique hotel. He said the CEDC has already been contacted by a number of developers with legitimate interest in the project….

  

7 Responses to “CEDC Hopes To Convert Former M&T Bank Building Into Boutique Hotel”

  1. May 16, 2019 at 6:22 am, Bob said:

    While the main point of this story is more CEDC hopeful folly, it also shows us how massively inflated our tax assessments are. An assessment of a bit over three times actual market value sounds about correct for Cumberland, making the actual real property rate about 6%. One would have a hard time finding a higher rate anywhere.

    Reply

  2. May 16, 2019 at 7:17 am, mac said:

    That’s a lot of money and it sounds great for the city/county but those taxes probably won’t be paid for, upwards of, 10 years. I’m sure that part of any deal to lure a hotel developer will be the promise of tax rebates for some period of time. Those numbers are just a shiny object to dangle in front of us.

    Reply

  3. May 16, 2019 at 7:28 am, jackblack said:

    got to get some of what you guys are smokin’—-must be a combo of LSD and rocky mountain high.

    Reply

    • May 16, 2019 at 9:46 am, Jay said:

      > And Peskins, Lazarus, and S.T. Little are coming back too.

      Reply

  4. May 16, 2019 at 4:29 pm, Babbs said:

    Great, just great!! Another hotel! Really?

    What baffles me is why anyone would want to visit here in the first place, unless they are one of the smart ones who got out of here while the gettin was good and are just coming to visit family.

    Reply

  5. May 16, 2019 at 11:33 pm, Paolo Primavera said:

    Cumberland needs a boutique hotel like a Verso needs a load of logs. Someone in power is going to try to make some money conning people in Cumberland to buy a pig in a poke.

    Reply

  6. May 17, 2019 at 5:48 am, mark said:

    Yes, another tax payer rip-off. Half a million for a building that wouldn’t get a third of that on the market. Then I’m sure will be peddled to some ‘developer’ for a penny on the dollar, a la ‘Rolling Mill’ style. AND then the city will whine that there’s NO money for streets, water lines, etc. etc. etc. etc. And the locals will keep electing these very same clowns (like Seth Berntard)

    Reply

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