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Banker's bid buys city building and parking lot

September 25, 2000

Banker's bid buys city building and parking lot



A Baltimore mortgage banker's $309,000 bid was the only offer at an auction Monday for a building and parking lot at 28 S. Potomac St. Hagerstown.

James J. Watt said he plans to renovate the building for office space. He said renovations could cost about $450,000.

The building is four stories high with two basement levels.

It is across from the Maryland Theatre and next to three buildings that Rockville, Md. developer Marc Silverman has proposed demolishing to make room for a four-story office building with two levels of underground parking.

The building was offered at public auction as a result of bankruptcy proceedings.

According to Maryland property records, the building was bought by Hagerstown Development Horizons Inc. in 1994 for $285,000.

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