Downtown Baltimore can become a blast from the past ? if the pot is sweet enough.
In its “Historic Landmarks in Downtown Baltimore” report released this week, the Downtown Partnership of Baltimore Inc. found that preserving and utilizing existing buildings while continuing to grow is realistic for a city with this much heritage to share.
This study confirms what the General Assembly realized during its last legislative session when it amended an existing bill that expands businesses? access to tax credits.
“Historically, tax credits have been a huge tool to get developers to renovate historic buildings for commercial use,” said Gene Bracken, a spokesman for the GBC.
Previously, a cap on the amount of tax credits available for each region tied up some money. Leftover credits from more rural areas would not be available for developers in urban areas who maxed out their allotment with more buildings still available.
About $25 million in tax credits will be available by fiscal 2008, the Greater Baltimore Committee indicated.
The Downtown Partnership recommends streamlining and clarifying the process for landmarking and protecting historic structures, while also better promoting existing credits and finding more market-based incentives.
Many well-known city icons are not landmarked or protected. These include the Hippodrome Theater, the Bank of America building at 10 Light St., the Garrett Building at Redwood and South Streets and the Stewart?s Building.
“There will always be tension in downtown because most people want it to be modern but want it to be historic too,” Downtown Partnership President J. Kirby Fowler said. “We have to find a way to manage it better and to find constructive solutions.”
Some downtown architecture, however, is already being preserved. The Masonic Temple, now the rebuilt Tremont Grand, is a good example. The Downtown Partnership has been an advocate of this cause for several years, including the adoption of a Downtown Housing Initiative that has led to the redevelopment of more than 24 buildings.
During this calendar year alone, more than 15 buildings are in the process of being renovated. They include the Jefferson Building, BGE headquarters, 15 through 19 S. Charles St., 16 S. Calvert St. and the F&D Building.
Downtown Partnership of Baltimore, Inc.
217 North Charles St.
Baltimore, 21201
410.244.1030
godowntown.com
