Shopping Center Business

MAY 2017

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

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BALTIMORE 176 • SHOPPING CENTER BUSINESS • May 2017 W hen one thinks of the largest urban redevelopment projects in the country, Baltimore prob- ably isn't the first city that comes to mind, but Port Covington, a redevelopment of 266 acres of underutilized industrial wa- terfront, is just that. The Baltimore City Council recently authorized $660 million in Tax Increment Financing (TIF) for pub- lic infrastructure construction within the urban renewal zone, located south of the downtown. Thanks in large part to the pending mixed-use project by Sagamore Development Company, a private real es- tate firm headed by Under Armour CEO Kevin Plank, Port Covington will create approximately 26,500 jobs and leverage an estimated $5.5 billion in private invest- ment for the development of the project over a 25-year period. By the end of the decade, the Down- town Partnership of Baltimore forecasts the delivery of an additional 5,200 hous- ing units, 700 hotel rooms, 550,000 square feet of retail space, 2.1 million square feet of office space and 282,000 square feet of combined institutional and public space, representing more than $1.8 billion in new investment. Project delivery downtown in 2016 exceeded a half billion dollars, which surpassed the combined to- tal volume from 2014 and 2015. The East Baltimore Initiative, an 88- acre redevelopment next to the Johns Hopkins East Baltimore campus, reached the halfway mark in 2016. The joint effort by the university, city, state of Maryland, The Annie E. Casey Foundation and For- est City – New East Baltimore Partnership has created 500,000 square feet of new lab and office space at the science and technology park, 400 new and renovated residential units, 30,000 square feet of re- tail-restaurant space, and a new K-8 public school. "The project has definitely reached a tipping point and the transformation is palpable to everyone who visits the Eager Park development," says Scott Levitan, se- nior vice president at Forest City Realty Trust. Scheduled for delivery in 2018, the $170 million Liberty Harbor East will welcome Whole Foods Market into a 50,000-square-foot space. It's a big move for the grocer, but not in terms of distance: it will close its current 13,500-square-foot store two blocks away in favor of the more spacious accommodations. The mixed- use project by The Buzzuto Group and Harbor East Management Group, LLC, will also include 291 apartments and 49 condominiums. Construction of the 90,000-square-foot addition to The Shops at Canton Cross- ing will begin in November, and Nord- strom Rack will open its first Baltimore store at the BCP Investors development in 2018. Target, DSW, Old Navy, Ann Taylor Loft and Harris Teeter anchor the four- year-old, 325,000-square-foot center in the city's Boston Street corridor. "Canton Crossing's ability to attract na- tional retailers is a clear indication of the potential of the Baltimore market," says Mayor Catherine E. Pugh. "Nordstrom will be a great addition to the retail mix in Baltimore, and the continued growth of the Boston Street corridor with retail and residential projects further contributes to the city's ongoing renaissance." There is certainly fresh demand for re- tail and restaurant offerings in downtown Baltimore. Energy provider Exelon moved into it new $200 million waterfront office tower in late 2016, and, in June, Morgan Stanley will move approximately 800 jobs into Carlyle Development Group's Bank of America building in the Pratt Street corridor. The New York-based de- veloper plans to add a two-story, nearly 25,000-square-foot retail structure to the office development. Commercial Office Properties Trust plans to develop 1 million square feet of office space, 100,000 square feet of retail offerings, 700 apartments and a 350-room hotel on a 10-acre waterfront site in Baltimore's Canton District. Also, COPT will add a new 27,500-square-foot retail-restaurant offering at 10 E. Pratt Street, next to its 40-story Class A Trans- america office tower. In the Inner Harbor area of Baltimore, Baltimore's Boom The city's job and infrastructure growth are very positive signs for the retail and restaurant sectors. Brian A. Lee An adaptive reuse project in East Baltimore, the Baltimore Food Hub will create approximately 200 permanent jobs through the co-location of food production, manufacturing, retail and education. Rendering courtesy of Ziger/Snead Architects

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