The Baltimore Development Corporation (BDC), on behalf of the City of Baltimore, has issued a Request for Proposals (RFP) for the purchase and redevelopment of two city-owned properties on West Mulberry Street in the city’s Bromo Tower Arts and Entertainment District, located in downtown Baltimore.
The sites, 422 W. Mulberry Street and 410 W. Mulberry Street, are currently operated as surface parking lots. 422 W. Mulberry Street is 6,972 square feet and fronts on W. Mulberry and Jasper streets. The 410 W. Mulberry Street site is an estimated 12,588 square feet and borders W. Mulberry, Eutaw and Jasper streets.
The city is seeking proposals from qualified developers that meet its objectives of creating new, vibrant mixed-use residential-retail developments with attractive designs that complement the surrounding neighborhood. The projects must enhance job creation and tax generation for the area. Respondents may offer for a single site or both sites.
“The Bromo Tower Arts and Entertainment District is a rapidly growing downtown neighborhood that is attracting new investment, new jobs and new residents,” Mayor Stephanie Rawlings-Blake said. “Building upon the momentum of our UniverCity Partnership initiative with the University of Maryland, Baltimore and new investments already being made in the area, the Mulberry Street RFP will enhance housing and retail options in this growing neighborhood.”
The Bromo Tower Arts and Entertainment District is bringing new vitality to the area. The University of Maryland, Baltimore (UMB), University of Maryland Medical Center Midtown campus, UMB BioPark campus and the University of Baltimore are all located within one mile of the redevelopment sites, as are the Hippodrome and Everyman Theatre, among other cultural institutions.
“Providing attractive development opportunities to drive growth in Baltimore is a critical tool to revitalizing city neighborhoods,” BDC President & CEO Brenda McKenzie said. “New activity along Mulberry Street, a primary east-west artery in the Bromo Tower Arts and Entertainment District, will serve as a visible catalyst for future real estate development projects in the area and across the city.”
The immediate vicinity of the Mulberry Street sites boasts a robust and dynamic population:
- 7,291 residents reside in 4,100 apartment/condo units with an occupancy rate of 96%;
- 325 apartments are under construction;
- An additional 323 units are in the planning phase.
In addition to the residential base, the project area also contains significant employment centers. More than 27,000 people work in the area in health care, academia, hospitality/food service, and professional/technical services.
The project area has attracted significant real estate investment. During the previous two-year period, investment totaled $87 million. Current projects represent an additional $64 million in investment, and projects in the pipeline represent an additional $496 million of investment. Over the next five years, these projects will add 140,000 square feet of office and 180,000 square feet of retail space as well as residential options.
Deadline for submission of proposals is noon, Friday, June 27, 2014.
About the UniverCity Partnership Initiative:
Mayor Stephanie Rawlings-Blake and University of Maryland, Baltimore President Jay Perman launched the UniverCity Partnership Initiative in June 2011. Since then, more than $800 million in public and private projects have been completed, planned or are underway. About 60 stakeholders represent the UniverCity Partnership Advisory Committee, which meets quarterly.