Baltimore's economic development arm has approved a $6.75M tax break for a residential and retail project at the office and biopark development EBDI near Johns Hopkins Hospital.
The Baltimore Development Corp on Thursday voted to approve the PILOT, or payment in lieu of taxes, over 15 years for the $51.7M Eager Square project, the Baltimore Business Journal reports. Developed by Philadelphia's Pennrose and California's AVG Partners, Eager Square would contain 3,500 SF of retail and 152 parking spaces.
The residential units would consist of 28 townhomes and 218 apartment units, the Baltimore Sun reports, once it receives approval from City Hall.
Eager Square is the latest development in the massive $1.8B East Baltimore development started in 2002 under then-Mayor Martin O'Malley. It's had fits and starts over the years and has been criticized by some for under-delivering on the promise of a world renowned biopark. [BBJ] [Sun]
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