Cumberland Economic Development Corporation Signs Contract with Cumberland Gateway Real Estate, LLC on Maryland Avenue Redevelopment Project

24 2017 March
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The Cumberland Economic Development Corporation (CEDC) is pleased to announce that a contract has been signed between the CEDC and Cumberland Gateway Real Estate LLC to sell all real estate holdings within the MD Avenue Redevelopment Project area. The contract is effective immediately. All remaining real estate transactions with home owners in the project area will be handled by Cumberland Gateway Real Estate.

“We are delighted to be making this investment in Cumberland,” said Edward Scott, a principle of Kline Scott Visco Commercial Real Estate, a partner in Cumberland Gateway Real Estate LLC. “We firmly believe the city is on the brink of a strong resurgence and we are happy to be a part of it.”

A Letter of Intent was signed between the two companies in December 2016 with the intention of securing a binding contractual agreement for a complete sale of real estate holdings from the CEDC to Cumberland Gateway Real Estate. “This is the first project of its kind in Cumberland. We are excited to turn this over to a development partner with a track record of successfully navigating complex real estate development projects,” stated CEDC Executive Director Shawn Hershberger. “They understand how important this project is to the future of our community, and we have complete confidence in their abilities to be successful in our market.”

“We accomplished what should have been a five year project, in less than two,” said CEDC Economic Development Specialist and Interim Executive Director Matt Miller. “Years from now we will remember this as the catalyst project that created economic turnaround in the region.”

“Every citizen in our city will benefit from the increased tax base for generations to follow,” added CEDC Chairman, Jonathan Hutcherson. “The Cumberland Economic Development Corporation will continue to take any and all action necessary to move our city forward. This is a great start, and there is still much to do.”

 


 

Media Contact:
Matt Miller
Interim Executive Director
Cumberland Economic Development Corporation
T. 301-722-4173

About Cumberland Economic Development Corporation
The Cumberland Economic Development Corporation is a registered Maryland non-profit economic development organization focused on the betterment of the Cumberland region and is headquartered in the City of Cumberland, Maryland. The CEDC is overseen by a board of directors comprised of established business leaders and staffed by professionals with years of economic development experience and education.

About Cumberland Gateway Real Estate LLC
Cumberland Gateway Real Estate LLC is a partnership between Manekin Corporation, a Columbia, MD based real estate development firm as well as Edward D. Scott, one of the principles of Kline Scott Visco Commercial Real Estate Inc. headquartered in Frederick, Maryland. The partners involved in Cumberland Gateway Real Estate LLC have been producing high quality development projects within the state of Maryland for the past 40+ years, with a proven track record of not only successful development but new construction that blends into the aesthetics of the built environment.