Neighborhood Watch

Hot For Retail: Baltimore Downtown Partnership Optimistic

Here’s a new report from the Downtown Partnership of Baltimore on their optimism regarding traditional brick and mortar retail for Baltimore City’s core downtown. The group is extremely optimistic despite a current increase in the city’s downtown retail vacancy rate (now at 10.5%) and an overall decline in traditional retail across the US.

In this case, the optimism stems from a defined need for new retail of certain types in the city. The needs include pet stores, hardware stores and other basic goods (think Target!) to support a wave of new apartment projects underway and planned for startup.

The “core downtown” is defined as a 2 mile diameter area that goes from the center of Pratt and Light Street. The President of the Downtown Partnership calls out 2 proposed plans that include potential new restaurants, privately owned basic goods stores and high end fashion retailers that would reside at 100 Light Street and 100 S. Charles Street. The 100 S. Charles Street project is the Bank of America Center building shown above, acquired by a Dallas private equity firm.


“Fresh, new retail creates momentum, positive feelings and the chance to create new destinations within a city,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “We’ve seen it happen constantly during our time in the DC market – you have entire new areas of DC with their own ‘brand names’ that become very popular destinations, like North End Shaw. A wave of early retail shows up, more business owners follow, the popularity of the zone picks up, and then housing values and rents start their rise. It’s an exciting process to watch and participate in!)

#FollowDevelopment on Twitter! Thanks to the BizJournals on the alert!


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