Trying to figure out what comes first, residential or commercial development, is like trying to determine what comes first, the chicken or the egg.
In the 1980s, the commercial redevelopment of the Inner Harbor created new interest in Baltimore, which attracted new residents.
In truth, residential and commercial development appear to feed on each other.
Although the city is still backing such projects as the convention center hotel with public funds, today 80 percent of Baltimore?s economic development is being fueled from the growth of small, neighborhood businesses, said Jay Brodie, president of the Baltimore Development Corp.
“We?ve had 18 new grocery stores open in the city,” he said.
In addition to developing a climate where new businesses will open, Brodie said the city is doing everything in its power to keep existing businesses in place. This includes cutting through red tape and sometimes offering economic incentives, he said.
While there is still massive downtown renovation during this second renewal of Baltimore, it is moving westward and integrating new construction with older structures, rather than just razing and rebuilding.
Brodie points to the city?s Centerpoint Project, an older building across the street from the fully renovated Hippodrome Theatre, as an example of taking an old building and transforming it into new retail and residential space.
EASTSIDE DEVELOPMENT ATTRACTS INVESTMENT
But something new has been added to the mix.
At a press conference last week, Mayor Martin O?Malley said Baltimore?s renaissance is attracting developers from other states.
The expansion of Johns Hopkins Bayview Medical Center is one of the reasons Vienna, Va.-based developer KSI Services Inc. decided to start a project in Baltimore for the first time, said Christopher LoPiano, KSI senior project manager. “We see a lot of high-paying, federal-grade jobs coming to the area,” he said.
RSI plans to invest $200 million in the 14 acres of industrial land off Oldham Street in the Greektown neighborhood. The company will build 1,085 residential units, including town houses and condominiums and a small amount of retail space.
Over the next four days in the Business section, The Examiner will explore how the pieces of Baltimore?s second boom will come together and affect the lives of city residents.
Baltimore City
Population: 651,154
Median home price: $120,000
Average household income: $36,965
Number of businesses: 13,800
Average rental for Class A office space: $23 per square foot
Top Five Employers:
Johns Hopkins University: 24,761
Johns Hopkins Health System: 15,804
University of Maryland Medical System: 10,737
Lifebridge Health ? Sinai: 3,242
St. Agnes Healthcare: 3,100
Source: Live Baltimore; Maryland Department of Business and Economic Development; Baltimore Development Corp.
