A partially finished apartment building at 1400 Aliceanna St. in Harbor East—previously tied to the Chasen Cos.—is being acquired for an undisclosed price by Capano Management Co. of Wilmington, Delaware. Capano’s Michael Turick said the company first bought the delinquent loan from First National Bank in late July, then purchased the property out of foreclosure at an Oct. 23 courthouse auction (Clarence M. Mitchell Jr. Courthouse). The deal was expected to close by mid-December, with construction starting early next year.

Capano plans to invest up to $10 million to finish the project, rebrand the building, and begin leasing by late next year. Once open, the project is expected to include about 100 luxury, market-rate units plus street-level retail, and it sits across from Whole Foods and near other Harbor East apartments.

The article notes the property is among the last remaining Harbor East parcels still needing redevelopment. Records show the Chasen entity bought it in April 2022 for $5 million, with plans to convert a 1920s-era warehouse into a modern mid-rise with 80 one-bedroom units and 20 two-bedroom apartments/condominiums, along with roughly 16,000 SF of retail.

It also mentions a related (now-stalled) Chasen plan next door at 600 S. Caroline St. (former Meyer Seed HQ), purchased in August 2022 for $10 million, where Chasen had planned 172 apartments plus retail—but the site has since become an abandoned shell. Turick said Capano toured that site while evaluating 1400 Aliceanna, but chose not to buy it.

Finally, the piece places this sale in the broader unwind of Brandon Chasen’s portfolio, noting Brandon Chasen filed Chapter 7 bankruptcy in July, and referencing One Calvert Plaza (201 E. Baltimore St.), which faced a $28.9 million default judgment, went into receivership, and then sold for $5.1 million to Mira Developments, which plans to complete the work and open a luxury multifamily project (deal approved Nov. 5).