General Ship Repair Corp., a mainstay on the Baltimore’s waterfront for 93 years, is selling its coveted 2-acre property to a Cleveland developer.

The Locust Point shipyard, one of the last icons of the city's industrial heyday, could be redeveloped into luxury housing, said Cary Lynch, a vice president at General Ship Repair, a fourth generation owner of the company.

General Ship Repair is in talks to sell the site at 1449 Key Highway to NRP Group. The exclusive development agreement is pending due diligence, said Lynch, who declined to reveal the purchase price.

Greg Sileo, president of the Locust Point Civic Association, said the developers met with the 15-member board last week to outline their plans that include a luxury waterfront residential development that could be a low-rise or a high-rise. Designs were incomplete, Sileo said, but early renderings showed the project would not have street-level retail.

Jon M. Laria, an attorney for Ballard Spahr who is representing NRP and has represented several other large developers in Baltimore, also was unavailable for comment.

The new development would replace the ship repair yard that is located between the Baltimore Museum of Industry and Domino Sugar. It has been on the city’s waterfront since 1924. The site has a single-story shed that is 17,229 square feet and is used to aid in ship repairs of vessels that remain afloat, tug boats, barges and ships placed in dry dock.

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