The recently erected tower crane on the site of Harbor Point is a good sign that construction is well underway.  Harbor Point is perfectly situated between Baltimore’s Historic Fells point and new hotspot Harbor East and will eventually connect the two neighborhoods.  Not to mention, Harbor Point juts into the Baltimore Harbor, providing panoramic views of nearly the entire shoreline.  The starting gun for construction was Morgan Stanley’s decision to relocate their Baltimore office to the new development.  Currently, Morgan Stanley occupies a floor of the Bond Street Wharf building in Fells Point.  Morgan Stanley will relocate their 450 existing employees to the new site, but will be adding up to 900 jobs over the next decade.  Morgan Stanley appears to be taking advantage of the Maryland Job market.  Maryland has the most educated work force in the nation but also a lower cost of living than other areas, particularly in Baltimore.  A Morgan Stanley investment banker in Baltimore might have a salary almost two thirds to half of what the employees at their New York headquarters would earn.  There’s no word whether jobs will be relocated from New York or if all of the positions will be new. 

Meanwhile, developers of other projects appear to be taking advantage of the situation.  The developers of the Marketplace at Fells point have revised their plans to include market rate apartments in lieu of the originally planned office building.  The developers will be marketing the project to many of the newcomers that will work at Harbor Point, which is a short walk from Fells Point. 

• Marketplace at Fells Point Closer to Reality
• Where to shop in Baltimore?
• Former GE Property in Locust Point up for Sale
• Sun Paints a Bleak Picture, But No Need to Panic
• Retail Possible on Guilford Ave Site