Baltimore Grows

I recently posted on the large tax break that Baltimore’s Harbor East project is receiving - in part to keep Legg Mason as a tenant in the new office tower.? Today Baltimore Business Journal posted another story on the subject, revealing some interesting details about Legg Mason’s deal.? For one - Legg Mason’s new building will include a 1,200 spot underground parking garage.? Which had to be a great selling point for moving from their current downtown location.? Legg Mason’s current parking garage sits under the building at 100 Light Street - but only contains a couple hundred spots.? I know this because I worked at Legg for three years - and wasn’t allowed to park there? - except on rare occasions (i.e. the weekends).? There were vice presidents that didn’t even have parking spots.? 2nd - the article revealed that Legg’s lease has been signed for 15 years.? A great selling point for brining additional business into Harbor East.

The city is currently studying a plan to build a 10.5 mile subway project running east to west connecting Canton through downtown? and West Baltimore to Woodlawn.? Stops are proposed in Fells Point, downtown,? and other highly trafficked areas.? The study and analysis has been under way since 2003, and is scheduled to continue through 2008.? Construction would begin in 2012 and be completed in 2016.? Of course with the way these projects generally evolve, it would be amazing if the Baltimore Red Line became a reality before 2020.

It’s not clear how much of the red line would be above or below ground.? But obviously most of the proposed route would need to be under ground.? The projected route certainly will be connecting some diverse (racially, socially, financially) neighborhoods.? It will be interesting to see what that does to property prices around the new stations.? In DC areas? sometimes flourish after metro stops open in that neighborhood.? In many cases close proximity to a metro stop? becomes a prerequisite for redeveloping and gentrifying areas.

One of Baltimore’s biggest weaknesses as a city is the lack of good public transportation.? I sometimes have to call and wait 25 minutes for a cab to show up.? And I only live 5 minutes from downtown.? I have lived or worked in the city for close to 8 years, and I have still yet to set foot on the Baltimore metro.? I have never had the need or desire.? With this project Baltimore is certainly heading in the right direction.? With projects like this maybe more Baltimoreans will start to use the cities metro system - or at least realize we have one.?

The much anticipated Key Highway extension (Loop Road) is almost complete.? The extension will connect Key Highway to the tip of Locust Point - at Tide Point.? Apparently the road has been discussed for the last 25 years before the logistics were worked out.? The new road will ease many concerns over traffic problems in Locust Point.

The project already missed it’s published completion date of May 2007.? However, it looks like it could be opening anytime now.? I snapped these photos on Saturday 6/9/2007.

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Today’s Baltimore Sun article discusses the latest controversy surrounding the upscale South Baltimore Harborview community.? Harborview - nestled along Key highway between Federal Hill and Locust Point currently contains the Harborview Tower, The Pier homes, and Harborview town-homes.? These properties are some of the most exlusive in all of Baltimore, and developer Richard A. Swirnow is looking to build even more.? Construction is about to begin on the 17 story luxury Pinnacle Tower - with top units commanding as much as $7 million dollars.? The latest controversy is over the proposal to build two additional 27 story towers.? This would dramatically alter the look and feel of that stretch Key highway.? But then again, it’s already been altered.? The huge Ritz Carlton condominiums project sits adjacent to the Pier Homes and has dramatically reshaped the look of the area.

Federal Hill residents are already steamed over the Pier Homes construction which broke height restrictions and blocked the water views of many existing homes.? The new towers threaten even more views.? I’m not necessarily opposed to the towers.? Obviously if they affected my view I would be more concerned.? The larger concern for me - and hopefully most area residents - is what the added density will do to rush hour traffic along Key Highway. I’m already seeing an increased backup along Lawrence street and Fort avenue as a result of more people living in the area.? The new BP/Quiznos is also backing up traffic because the left lane heading out of the city is now used as a turn lane into the station.?

Once the Shoppes at Fort are built it will cause even more bottlenecks.? The traffic along Key highway will certainly be painful in a few years.? The new towers do offer some potential benefits for us.? Much of the Key Highway stretch is a bit run down and dilapidated.? And overall there just isn’t a lot of foot traffic.? Added density, brings residents, which brings business, restaurants, and in the end hopefully a more vibrant community.

I came across this cool mailbox on Towson street in Locust Point today.? Thought I would grab a pick since it’s the only freestanding mailbox I have seen for a row home.?

Who said you couldn’t have a front yard in the city? The house? shown? here? (with the fence) sure is making the most of their limited space.

A collection of? links to? various community association? websites.? Continue Reading »

Everywhere you look in Baltimore development is in progress.? The view from our rooftop deck in Locust Point is no different.? There is new construction literally in every direction.

These two shots show the new Ruppert homes in Locust Point under construction.? The development is slated for close to 80 homes.? Silo Point is under construction in the background.

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This first? photo shows the Silo Point project well under way.? After years of negotiating, stalling, planning, environmental remediation, and demolition -? progress is finally visible from a distance.? The 2nd photo shows a pretty common sight around Baltimore these days - the addition of a third story on Woodall street.?

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This photo shows one of the last remains of the Chesapeake Paperboard Company in Locust Point.? Construction will soon begin on the “Shoppes at Fort” - a huge mixed use development to include high-end apartments, office, and retail.

These two photos look across the the harbor towards Fells Point and Harbor East.? The large piece of undeveloped land along the waterfront is the former Allied Chemical property.? Development has not been allowed on this land for close to 30 years because the ground was(is) so polluted.? However, this will soon be the site of much more development - the 27 mixed use Harbor Point.

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In a month or so I will post again to show the progress at these various sites.

An article last week in the? Baltimore Business Journal said that performance apparel maker Under Armour had signed a deal to not only stay at Tide Point through 2012, but also to expand their current space.? This is a great sign for the waterfront? Tide Point? complex, and Baltimore business in general.? It would not? have been surprising to see Under Armour pack up and move out of the city to expand in a cheaper area.? They currently employ 610 at their headquarters.? I’m not sure how they plan to expand at Tide Point - because the 400,000 square foot? complex already? seems to be 100% rented.

One thing that may have helped make Under Armour’s decision easier, is the soon to be completed, and long overdue,? access “loop” road.? The road will connect Tide Point directly to Key Highway.? This puts employees 2 minutes away from 95 and allows them to avoid the bottlenecks that currently occur in Locust Point.

The new townhome development by NV Homes on Fort Avenue is well under way.? The community sits between the entrance to Locust Point and the Riverside Community.? Which is funny beacuse the flyer I got in the mail, and magazine advertisements? say “in Federal Hill.”? ? In any case? it is a pretty convienent location.? It is amazing NV Homes was able to carve out such a large piece or property along the densely developed Fort Avenue.? The community will have? roughly 20? homes, with? 4 already partially complete.? The property sits at a relatively high point, so the view should be great.

The homes a pretty large - roughly? 2,000 square feet, 3-4 bedroom, 2.5-3.5 bath,? 3 stories with a roof top terrace.? The sign along Fort Avenue in Locust Point, the? NV Website, and the recent ad in Baltimore magazine says the “Starting Upper $490’s”.? So basically once you have picked your upgrades you can expect? to be spending close to $525 - $550.? That puts them roughly in the same price range as the McHenry Point Homes built by Pulte Homes - located at Silo Point (in Locust Point).

? There are floorplans up on their website.? They seem pretty standard, but a bit stripped down. It doesn’t seem there is an option for a separate shower and bath in the master bathroom - which seems pretty small.? Most of the new construction in the area allows for this option as it seems to be popular.

Today officials announced H&S Properties - the land developer that owns much of the Harbor East property to be developed - would receive $33 million in tax breaks.? The deal is intended to help the Harbor East development keep the Legg Mason headquarters in Baltimore City.? Legg Mason recently announced it would be moving from its current location downtown at 100 light street.

Tax breaks seem to make sense when trying to spur economic development in under-served or “unpopular” areas.? However this hardly seems to be the case for Harbor East.? The project is already a success, with a number of new restaurants, office space, and hotels - including the to be developed Four Seasons.? Not to mention Legg Mason already announced they would be moving to the new tower in Harbor East.? Was the Legg Mason move contingent on these tax breaks?? In any case it makes you wonder, rich getting richer?? Maybe H&S can kick in some of that tax break money to pay my annual ground rent…

Full story on Baltimore Sun