…When Cordish Co. dropped its contract on the Power & Light Building in December 2013, Nathaniel Hagedorn of NorthPoint Development saw an opening. If he purchased the building, it would be the fifth time redevelopment of the 80-year old building went under contract without success.
One email later, and NorthPoint VP of Operations Mark Pomerenke was drawing up plans for the building based off its information filed with the National Register of Historic Places. A pro-forma was ready by 4 a.m., breaking down how many units they’d be able to get with a certain efficiency, how much they could get for the units and what it all would cost. And by the time Hagedorn toured the building, he instantly fell in love…