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Baltimore: a City in Transformation

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Baltimore: a City in Transformation BALTIMORE A CITY IN TRANSFORMATION A PUBLICATION OF SUMMER 2016 PORT COVINGTON. THOUSANDS OF NEW JOBS FOR BALTIMOREANS. PUBLIC ACCESS TO GREEN SPACE AND A REDEVELOPED WATERFRONT. PORPTERMANEN COVINGTOTN H. TOHMEOUS OANDSF BA LOTIF NEMOWRE’S JOBS UN FODRER BA LARTIMOMOREANS.UR. PUBLIC ACCESS TO GREEN SPACE AND A REDEVELOPED WATERFRONT. PERMANENT HOME OF BALTIMORE’S UNDER ARMOUR. Aaron & Jason Founders The Treason Toting Co. Aaron & Jason Founders The Treason Toting Co. Port Covington.Port Covington. This isThis big. is big.Baltimore Baltimore big. big. A waterfrontA waterfront redevelopment redevelopment likelike no no other other on on the the East East Coast. Coast. But moreBut more than that,than it’sthat, a boldit’s avision bold for vision for BaltimoreBaltimore that will that fuel will economicfuel economic growth, growth, bringing bringing thousands thousands ofof jobs to BaltimoreBaltimore City. City. It willIt will mean mean new new manufacturing manufacturing and reta andil space retail forspace local for local entrepreneursentrepreneurs like Aaron like Aaron and andJason Jason from from The The Treason Treason Toting Toting Co.Co. to design and and sell sell their their bags. bags. Port Port Covington Covington will be will open be opento everyone, to everyone, with new with new parks for families and new ways to reach the waterfront. At the heart of it will be the new world headquarters for Under Armour, built in Baltimore, parks for families and new ways to reach the waterfront. At the heart of it will be the new world headquarters for Under Armour, built in Baltimore, grown in Baltimore, staying in Baltimore. grown in Baltimore, staying in Baltimore. Port Covington: We will build it. Together. Port Covington: We will build it. Together. For more information, visit BuildPortCovington.com. For more information, visit BuildPortCovington.com. TABLE OF CONTENTS BALTIMORE 3 A CITY IN TRANSFORMATION WHAT’S INSIDE 2 A WELCOME FROM GBC AND VISIT BALTIMORE 8 3 FIVE 21ST CENTURY DEVELOPMENTS 8 PROJECT MAP: A LOOK AT THE FUTURE 10 WHAT LURES BALTIMORE BUYERS AND RENTERS? 12 A FACELIFT FOR THREE FAVORITE DESTINATIONS 10 14 SCIENCE AND DEVELOPMENT SYNERGIZE 16 REINVENTING THE OFFICE 18 BALTIMORE’S NEWEST SPECIALTY HOTELS 12 20 WHAT’S HAPPENING IN THE SUBURBS? 14 This marketing report is prepared for the Darice Dixon, Account Manager Greater Baltimore Committee and Visit Baltimore Lynn Talbert, Account Manager by the special publications staff of Jason Whong, Digital Editor Sean Wallace, Assistant Editor Maximilian Franz, 200 St. Paul Place, Suite 2480 Senior Photographer Baltimore, Maryland 21202 Haley Poling, 16 Main Number: 443.524.8100 Main Fax: 410-752-7789 Event & Marketing Coordinator Suzanne E. Fischer-Huettner, John Mullinix, Publisher Digital Content Marketer Thomas Baden Jr., Editor Ryan O’Shea, Senior Designer Maria Kelly, Comptroller Jessica Gregg, To order additional copies of this 18 Special Products Editor publication, please contact Tracy Bumba, Tracy Bumba at 443-524-8120 Audience Development Director or [email protected] 20 GBC 2016 1 BULLISH ON BALTIMORE f you look across the Baltimore skyline these are being developed. Along with all this activity, days, construction cranes dot the horizon the business community is diversifying – and more are on the way. They are perhaps with industries like medical technology and the most visible, but not the only, sign of a cybersecurity. city in the midst of transformation. This renaissance is driving job growth and Indeed from the high-rise towers rising attracting millennials, who are excited to Iat Harbor Point to land cleared and ready for live, work or launch a startup in an urban new warehouses and modern distribution sites environment that is affordable, authentic and at the former Bethlehem Steel site in Sparrows welcoming to new ideas and innovations. Point, major capital investment is flowing into The many old and new cultural amenities, Baltimore at a record pace. emerging industry sectors and new The Architect’s Newspaper, which tracks development projects also are contributing to Donald C. Fry urban projects and trends, recently noted that Baltimore’s ability to attract major conventions four major development projects in Baltimore and meetings. The meetings and tourism – either in progress or in development – total industry itself generates $5.2 billion annually in an estimated $1 billion each. Along with economic impact and employs more than 82,000 Harbor Point and Sparrows Point, now known workers. Visit Baltimore’s Meet Local program is as Tradepoint Atlantic, these include Canton engaging local businesses and organizations to Crossing Phase II and the Port Covington help the city continue to grow as a destination projects. for meetings. These and other transformative projects This publication showcases the important underway or proposed signal that there is bullish capital investment and corporate support investor confidence in Baltimore. coming into Baltimore and the region, and how Individually and collectively this investment these projects will improve the business climate, is enhancing the regional economy while jobs and the economy. providing new job opportunities for residents in It’s for this reason that the Greater Baltimore the Greater Baltimore region. Committee, the region’s premier organization of Amy Calvert The Greater Baltimore Committee actively business and civic leaders, and Visit Baltimore, supports many of these projects as they will the official sales and marketing organization for serve as a catalyst for economic growth and Baltimore City, are proud to be partner sponsors change that will further position Baltimore as an for this special publication that highlights many attractive and competitive city for business. of the transformative projects that will change As members of the city’s business leadership, not just the Baltimore skyline, but the entire it’s exciting and rewarding to see that Baltimore Baltimore region for many years to come. is undergoing such a significant renaissance. After years of suburban growth, we’re seeing a resurgence of interest and investment in our urban core. We’re adding thousands of additional homes in the downtown area – more than 10,000 will come on line over the next Donald C. Fry Amy Calvert several years – including office to residential President and CEO Senior Vice President conversions. Multiple new hotels are meeting the Greater Baltimore Sales and Services demand of our business and leisure visitors, and Committee Visit Baltimore corporate campuses in and around downtown 2 GBC 2016 BY PETE PICHASKE • Special to The Daily Record he new developments will offer luxury apartments, marinas and elegant restaurants. They will include millions of square feet of office space, a whisky distillery and a revamped shipping port and rail hub. As they come to fruition over the next decade or two, the five super-developments taking shape in Baltimore will cost nearly $9 billion, create tens of thousands of jobs, and transform much of the city’s once industrial-based waterfront into trendy centers where Baltimoreans and visitors alike can live, work and play. “Collectively, these projects speak to the strength of the market in Baltimore City and Tin the region overall,” said Baltimore Development Corporation President and CEO Bill Cole. “Diverse in terms of both location and type of development, these projects provide critical job opportunities for Baltimore residents.” STORY CONTINUES ON PAGE 4 GBC 2016 3 FIVE AMBITIOUS DEVELOPMENTS ▶ STORY CONTINUED FROM PAGE 3 PORT COVINGTON The most expensive and perhaps ambitious of the five is Port Covington. The brainchild of Under Armour CEO Kevin Plank, Port Covington will house the future home and global headquarters of his high-pro- file, fast-growing sportswear company, currently one of the largest urban redevelopment projects in America, along an expansive waterfront campus on a former rail yard on the Middle Branch of the Patap- sco River. Plans call for 4 million square feet of development, most of it office space, including In addition to Under Armour’s headquarters. But office space the project also will include retail, for Under restaurants and, most unexpectedly, Armour’s global a rye whiskey distillery, Sagamore headquarters, Spirit, expected to open later this year. Port Covington “It will be a real draw,” Plank will have walking and bike trails, Industries CEO Tom Geddes said of as well as a rye the distillery, which will feature tours whiskey distillery, and tastings. As for the whole project, which will open he predicted it will be “something later in 2016. meaningful for the whole city.” The project would be built over the course of 20 years at a cost of $5 billion, according to Geddes. The first building on the 27.5-acre site, WE LOOK AT THIS AS SORT the Thames Street Wharf office building, “ HARBOR POINT opened in 2010, and work has begun on OF FILLING IN THE HOLE IN Like Port Covington, Harbor Point is a 289-unit luxury apartment building, THE HARBOR. IT’LL BE A TRUE a former industrial site on Baltimore’s the Point Street Apartments, due to open waterfront (in this case, a chrome ore by December 2017. This year, the new MIXED-USE DEVELOPMENT processing plant) that new owners headquarters of Exelon’s Constellation WHERE PEOPLE CAN LIVE, are reshaping into a modern array of business opened in a 350-foot tall, LEED office space and open space. Tucked Gold building. WORK AND RECREATE. between Fells Point and Harbor East, The market-driven project will take Marco Greenberg, of Beatty ” Harbor Point will include nearly 1,000 Development Group, which oversees residential units, retail space and a hotel. ▶ STORY CONTINUED ON PAGE 6 the Harbor Point project 4 GBC 2016 FIVE AMBITIOUS DEVELOPMENTS A crane totes win- dows to the workers constructing the Exelon building in Harbor Point. GBC 2016 5 FIVE AMBITIOUS DEVELOPMENTS “WE’VE GOT SUCH INCREDIBLE ASSETS – INDUSTRIAL LAND, A DEEP WATER PORT, 100 MILES OF SHORT- LINE RAILROAD, TIES TO LARGER RAILROADS (AND) I-695 RUNNING THROUGH.
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