A Look at Downtown Partnership’s Downtown Baltimore Development Report

| April 18, 2017 | 0 Comments

From Downtown Partnership of Baltimore’s Downtown Baltimore Development Report:

Downtown Partnership is pleased to present the annual Downtown Baltimore Development Report, a comprehensive catalog of projects within a one-mile radius of Pratt and Light Streets that were planned, under construction, or completed between April 1, 2015 through December 31, 2016.

More than half of a billion dollars in projects were delivered in 2016, a figure larger than 2014 and 2015, combined. Highlights included the opening of 10 Light Street, the historic former Bank of America building that was converted to more than 400 apartments and features the Under Armour Performance Center by FX Studios on the ground level. Other major project completions were the Exelon Tower in Harbor Point and the University of Maryland Proton Treatment Center which, combined, totaled more than $470 million of investment.

Multifamily housing construction remained strong as 540 housing units were delivered in 2016. While this number was down slightly from 2015, it remained higher than the number of new units constructed in the immediate post-recession years and will continue to grow. In the past five years, 3,500 housing units were created and deliveries in 2017 will increase dramatically as 1,690 rentals and for-sale housing hit the marketplace.

Office development also increased with almost half a million square feet delivered in 2016, up from 18,800 square feet in 2015. As of the spring of 2017, an additional half a million square feet was under construction and 1.5 million square feet was planned. Strong office sector growth has created a ripple effect, increasing collateral demand for housing, retail, and hospitality demand over the long run. Of note in the pipeline is One Light, the first office tower to be constructed north of Lombard Street in twenty-five years, and the 44-story, $160 million tower at 414 Light Street, which will become Baltimore’s tallest building when it opens in the Spring of 2018.

One Light rendering. Source: Metropolitan Partnership Ltd.

Development activity is expected to remain strong for the foreseeable future. By the end of the decade, Downtown Partnership predicts an additional 5,200 housing 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 will hit the market, representing more than $1.8 billion in new investment.

Also from the report:

Hotels

The hotel market continues to remain strong within Downtown. There have been 3 new hotels that have opened within a two year span with an additional two that are slated to open in 2017, combining for over 500 new hotel rooms for Downtown.

Retail

Continuing the positive momentum following the retail buildout at 400 E. Pratt Street, two new retail buildouts are proposed along Pratt Street. These buildouts are a part of the Pratt Street Plan, which calls for the redevelopment of city owned parcels along Pratt Street into retail.

 

Lexington Market rendering. Source: Lexington Market

Beyond Pratt Street, Lexington Market will be demolished and replaced with a 97,000 square foot facility, located adjacent to a public urban park. Demolition would start in 2018 and would be slated for a 2020 completion.

See the full Downtown Baltimore Development Report here including an interactive map of all the completed, under construction, and future projects.

Screenshot of the interactive map

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News releases from various sources around South Baltimore.
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