The sale of the lot, the former site of a waste incinerator, was completed Friday, said M.J. "Jay" Brodie, president of the Baltimore Development Corp.
The city's Planning Commission approved a "planned unit development" designation for the property a day earlier, allowing the uses proposed by Hackerman, president and chief executive of the Whiting-Turner Contracting Co.
Hackerman formed Pulaski Limited Partnership to develop the Northeast Baltimore site and still needs City Council approval to proceed.
"That would enable [Hackerman] to pursue development, which would produce jobs and taxes," Brodie said, adding that he was "convinced" Hackerman would succeed.
The incinerator closed in 1995 and was demolished and the site cleaned up.