BALTIMORE — The Baltimore Development Corporation (BDC) Board of Directors today advanced three major economic development actions supporting transformative investment in Downtown and Southeast Baltimore, including the first two projects to move forward through the Downtown RISE PILOT Program and creation of a Tax Increment Financing (TIF) district supporting redevelopment of the historic Crown Cork & Seal campus.
The Board approved proposed Downtown RISE PILOT agreements for Harborplace and the West Lexington Corridor, both of which will move forward for consideration by the Baltimore City Board of Estimates. The Board also approved creation of the Crown Cork & Seal TIF District, an initial step toward advancing the multi-phase redevelopment of the historic industrial campus.
Together, the actions support nearly $1.6 billion in planned development and reflect Baltimore’s strategy to use economic development tools to unlock private investment, activate underutilized properties, grow the City’s tax base and create long-term economic opportunity.
“These are major redevelopment announcements that will help us drive Baltimore’s Renaissance forward,” said Mayor Brandon M. Scott. “Together with BDC and our communities, we are working to create jobs, expand opportunity, strengthen our tax base, and deliver investments that benefit every single Baltimorean. This is the kind of progress that our residents deserve.”
Putting Downtown RISE to Work
Authorized by the Maryland General Assembly and signed into law earlier this year, Downtown RISE provides a new tool to support qualifying development and redevelopment projects in Downtown Baltimore.
Since enactment, BDC has worked to implement the program, establish its financial and evaluation framework and engage the development community, including through public information sessions held in July. Harborplace and West Lexington are the first two proposed PILOT agreements advanced by the BDC Board through the program.
“Downtown RISE demonstrates what is possible when we identify a barrier to investment, build the right tool and put it to work,” said Otis Rolley III, President and CEO of BDC. “Working with our City and State partners, BDC helped shape the legislation, built the infrastructure to implement it and is now advancing the first two PILOTs. The result is investment taking shape, projects moving forward and more opportunity for Baltimore.”
The proposed Harborplace PILOT would support MCB Real Estate’s approximately $820 million redevelopment of the Inner Harbor site. The West Lexington PILOT would support the first phase of a broader redevelopment being advanced in partnership with the University of Maryland, Baltimore, beginning with an approximately $160 million project featuring 404 residential units/730 beds and approximately 16,100 square feet of ground-floor retail.
Both proposed agreements remain subject to approval by the Baltimore City Board of Estimates.
Advancing Crown Cork & Seal
The Board also approved creation of the Crown Cork & Seal TIF District, advancing a proposed approximately $600 million redevelopment of 31 acres in Southeast Baltimore.
Led by Cross Street Partners and SHIFT Capital, the redevelopment would transform the historic industrial campus into a mixed-use district projected to support 700 mixed-income residential units, more than 300 businesses, 750 permanent jobs and approximately 1,000 construction jobs.
Creation of the district represents the first step in the TIF process and does not authorize the issuance of bonds. Future financing will require additional analysis and City approvals.
Property owners and development teams interested in learning more about the Downtown RISE PILOT Program, including eligibility requirements and the application process, can visit the Downtown RISE PILOT Program webpage.
About Baltimore Development Corporation
The Baltimore Development Corporation (BDC) is the economic development agency for the City of Baltimore. BDC works to grow Baltimore’s economy by attracting, retaining and expanding businesses; supporting entrepreneurs; strengthening commercial districts; and promoting investment that creates jobs, expands opportunity and builds a more prosperous future for all Baltimoreans.
