Shopping Center Business

MAY 2016

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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BALTIMORE 300 • SHOPPING CENTER BUSINESS • May 2016 Street, the 34-story residence features 400 units and high-end amenities like a roof- top pool and clubroom. On the ground- floor, hometown retailer Under Armour will open its third Under Armour Per- formance Center in partnership with FX Studios this spring. (See sidebar on page 298 to learn about Under Armour's big plans for Baltimore.) Down the street, another residential tower — this one even taller — is making news. At 414 Light Street, local developer Questar Properties recently broke ground for a 44-story skyscraper on the site of the former McCormick spice plant. The modern glass-and-steel apartment tower is being billed as "ultra-luxury," playing to the growing demand for high-end living options downtown. "414 Light Street will be the largest resi- dential tower in the city's history," Fowler says. "Located within a block of the har- bor, it will have unaltered views for miles and will be in the center of it all. While many of our renovated historic buildings have been at reasonable price points, this one is really going after the luxury market given the success of recent luxury hotel condo projects." Directly across the harbor in the Har- bor East neighbor- hood is where much of that luxury develop- ment has been taking place. Baltimore-based Beatty Development, whose 256-room Four Seasons Hotel led the pack when it opened in 2011, continues to invest in the neighbor- hood. The company is planning a 3 million- square-foot mixed-use project spanning 27 acres, including 9.5 acres of waterfront parks and a promenade along the water's edge. Among that will be 1.6 million square feet of Class A office space; 910 residential units; 220,000 square feet of hotel; and 200,000 square feet of retail. "Harbor East has been a great example of urban renaissance," Fowler says. "It's become a true retail and restaurant destination, and a vibrant place to live and work." RIGHT-SIZING RETAIL While hip brands like Lululemon Ath- letica, Madewell and Warby Parker have found homes in Harbor East to cater to city's young professionals, Fowler notes a big gap in the current retail offerings downtown. "While it's fairly easy to find luxury clothing, we're lacking stores that pro- vide basic home goods, like towels, that residents need," he says. Fowler attributes this, in part, to the constraints of store sizes downtown. "In order to address the lack of basic retailers, we have had to address the fact that we have smaller retail spaces," he says. "Our older buildings have 1,000 to 2,000 square feet. That's just not condu- cive to a Bed Bath & Beyond." On Pratt Street, the city's main boule- vard adjacent to the harbor, Fowler and the Downtown Partnership of Baltimore have found a solution. "Here, we have very wide sidewalks that allow us to build out and expand street-level retail to provide an additional 30,000 square feet of space," Fowler says. So far, two buildings have adopted this plan — and the results are telling. At 400 Charles Street has seen new retail, like a grocery store (pictured) to serve the downtown area's population.

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