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After months of wrangling with tenants and residents, Caves Valley Partners said it would terminate its agreement with the city to redevelop Federal Hill's Cross Street Market March 1.
"There is a divergence of opinions on the future vision of the market," Baltimore Public Markets Corp. said in a statement. Baltimore Public Markets said it would take time to "regroup and consider next steps" for the project.
Caves Valley had planned to spend $4.5M, along with $2.5M from the city, on the makeover, which would have shut the market down for 10 months beginning this spring, the Baltimore Business Journal reports. While some merchants were eager to see the aging market get much-needed upgrades, others were concerned that the overhaul would push out some long-standing businesses.
Caves Valley won the right to redevelop the market after responding to the city's request for proposals. In November, it reached an agreement to manage the market. The city is redeveloping Lexington Market, with construction on a new market beginning a year from now.
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