The area surrounding the northern half of the Broadway Market in Fells Point could be in for a major overhaul.
At least that?s the hope of two developers who have purchased 38 properties for $15 million in the area surrounding the 600 block of South Broadway. The two plan to spend between $40 million and $45 million to restore the buildings and bring in a combination of retail, parking, office space and housing to the long downtrodden area.
“This project really was born out of our concern that this block was just being left for dead,” said Dave Holmes, a partner with South Broadway Properties. “These are properties that have been neglected and passed over, and it?s a shame to see the deterioration of what was something so rich in history.”
Plans are still in the initial stages for the project dubbed The Shops at Broadway Market, and Holmes said he and business partner, Dan Winner, will make a presentation before the City Council and Mayor Martin O?Malley in October to secure Planned Unit Development status. PUD status would result in a bill that would be presented to the council to allow for this type of mixed-use project. The two expect approval of that bill by early 2007, and they would begin construction by summer 2007.
Originally, Winner and Holmes expected to renovate just three properties on the block between Aliceanna and Fleet streets, but scraped those plans in favor of a complete overhaul. The two want to combine some of the small storefront space in the buildings to allow for larger retailers and restaurants, while using the upstairs portions of the buildings for offices.
Plans also call for the construction of parking garages behind the commercial space on each side of the street that they plan to top with residential space. These structures could tower up to 11 stories and have some in the community concerned.
“I think that the overall project goals of revitalizing that block of Broadway is fantastic,” said Jennifer Etheridge, president of Fells Point Homeowners. “The caveat is the proposed 11-story building just off of Broadway. It?s really too high for the area and the reason for that is this is a historic community and it doesn?t fit in with the fabric of the community.”
Another major portion of the plan is to renovate the North Broadway Market and restore its historic second story. The two hope to secure rights to either buy or lease the market from the city or have the city head up this part of the project.
