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PenMar plays part in redevelopment

September 25, 2007|By ANDREW SCHOTZ

PenMar Development Corp. will stay active in Cascade for several years as Corporate Office Properties Trust redevelops Fort Ritchie, the former U.S. Army base.

PenMar, a state-created nonprofit organization overseeing the remaking of the base, is required to be there at least seven more years, Vice Chairman Phil Ulzheimer said Monday.

Corporate Office Properties Trust (COPT), a real estate investment company, is splitting the estimated $4.4 million cost of refurbishing the community center at the former base, according to PenMar's executive director, Richard Rook.

PenMar also is paying to renovate a Fort Ritchie building that Hagerstown Community College will use.

Rook said PenMar will be involved in other projects, too.

PenMar's responsibilities include monitoring the terms of COPT's contract and watching that the redevelopment meets promises for job creation and guidelines for historic preservation, he said.

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PenMar also is drawing from a fund of about $10 million for projects that would improve the former base. Rook said the fund is made up of money from COPT's purchase of land and from rent from previous tenants.

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