5 Hot Developments In West And South Baltimore
Want to get a jump-start on upcoming deals? Meet the major Baltimore players at one of our upcoming events!
With new apartments, office and retail tenants, and a whiskey distillery on the horizon, the real estate landscape in South and West Baltimore is poised for major changes. That’s why we’re excited to host Bisnow's Sixth Annual Baltimore State of the Market event Wednesday March 2 at The Warehouse at Camden Yards, starting at 7:30am. We spoke to three of the speakers, who told us about five real estate developments on which to keep an eye.
1. New Apartments In Old UMB Buildings
Four University of Maryland, Baltimore properties on the west side will be converted into 250 to 300 mostly market-rate apartments, retail and parking, says manager of capital budget and planning manager Luke Mowbray. A JV between Focus Development and Kinsley Equities II will redevelop the university-owned properties, which include the former Drovers & Mechanics National Bank building at 100 N Eutaw St (pictured) and the former Sons of Italy Building at 410 W Fayette St. Construction will begin in early 2017 with delivery in 2018, Luke says.
2. A New UMB Health Sciences Building
The university’s 429k SF Health Sciences Facility III for the schools of medicine, pharmacy and dentistry is under construction at 670 W Baltimore St and is expected to wrap up in 2017. A portion of the $305M building will house research faculty currently in UMB's Medical School Teaching Facility, an older building. The remaining parts will be used to expand the university's health sciences research.
3. New Camden Station Tenant
At Camden Station, the Maryland Stadium Authority is negotiating with a prospective office tenant to replace the Sports Legends Museum, says executive director Michael Frenz. The museum left the historic building in November, leaving 22k SF available. The Maryland Stadium Authority is also in discussions with Geppi’s Entertainment Museum, whose lease for the second and third floors is up Sept. 30. Geppi officials could not be reached for comment.
4. More Activity At City Garage
At Port Covington's City Garage, Sagamore Ventures recently leased space to ed tech company CWIST. Sagamore Ventures will make a few more lease announcements soon, says managing partner Demian Costa. Demian is also a partner at Plank Industries, the umbrella company for Under Armour CEO Kevin Plank’s real estate, whiskey distillery and investment arm.
5. Port Covington's Whiskey Distillery
Sagamore Development is transforming more than 200 acres of waterfront property in Port Covington, which will include the new Under Armour headquarters, outdoor recreation space, retail and dining. Whiskey distillery Sagamore Spirit will open late this year, producing 83-proof Maryland-style rye whiskey, says Plank Industries managing partner Tom Geddes. The whiskey complex will include a 22k SF distillery building, processing center, tasting room and visitor center, where guests will learn about the history of Maryland rye whiskey. The complex will also house a two-story restaurant and 120-foot water tower with spring-fed water shipped from Sagamore Farm.
You can learn more at Bisnow's Sixth Annual Baltimore State of the Market Wednesday, March 2, at The Warehouse at Camden Yards, starting at 7:30am.