City has retained FranPoint Partners
Jun 20, 2011 05:50PM ● Published by Anonymous
-Additionally, the City has signed an agreement with a contractor to install the air
conditioning upgrades at the historic market at City Dock.
The administration made the formal announcements this afternoon at the
work session of the City Council.
“Despite the litany of setbacks, the City Council and I remain firmly
committed to beginning a new chapter for the Market House,” Mayor Cohen
said. “I am encouraged that we have identified a quality interim
manager and have begun the long-overdue work to fix the air
This week, the City made its selection of FranPoint Partners, which
specializes in the development of small and emerging businesses,
including restaurants, and has a strong understanding of the Market
House business dynamics. The company prepared a managerial and
operational analysis of the market two years ago.
FranPoint Partners CEO Richard J. Sharoff led the writing of that
report. “I am delighted to be working with the City of Annapolis again
on this valuable revitalization project,” said Mr. Sharoff. “I know
our firm can add significant value to the building, and as a 20 year
resident of Annapolis, I have a personal goal to see the success of
this historic landmark.”
The Annapolitan has three decades of business experience, including
serving as director of corporate planning for Sara Lee Corp. and chief
executive officer of Vie de France. He was responsible for transforming
a small, Midwestern ice cream company (Maggie Moos), showcasing it on a
national level and making it a huge success. The FranPoint Partners
team will also include Carol Fearns, former general manager of
Westfield Annapolis, who will be responsible the day-to-day oversight
of Market House operations.
Fresh Air Concepts, a Howard County-based HVAC contractor, who will
install the upgraded heating and air conditioning system, was selected
via competitive bidding earlier this month.
The company started work on installing the air conditioning system
earlier this week. This phase of the project will cost $278,000. Over
the next few weeks, fire proofing work will also be completed by
Absolute Fire Protection, a Severna Park company.
Phase two of the heating and air conditioning project will be completed
in early 2012 when geothermal wells will be installed. The overall
budget for Market House renovations is about $500,000. The City has a
$96,000 federal grant to defray the cost of the geothermal system, as
well as $250,000 of matching bond funds from the State of Maryland for
the overall improvements.