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Baltimore, MD (April 10, 2012) – The Baltimore Development Corporation (BDC) announced today that there are three respondents to its Request for Proposals (RFP), on behalf of the City of Baltimore, for three properties located at the intersection of Charles Street and North Avenue, including the former Parkway Theatre building.
In December 2011, the RFP offered sites at 1820 North Charles Street, 1 West North Avenue and 3 West North Avenue (the former Parkway Theatre) for redevelopment.
The following proposals were received:
Developer: Property Consulting, Inc. (Samuel Polakoff) & Toby Blumenthal
Architect: Ziger/Snead Architects LLP & Cho Benn Holback + Associates Inc.
General Contractor: To be selected
This proposal calls for a single phased mixed-use project. The Parkway Theatre would be renovated to become a multi-faceted theatre able to accommodate a variety of entertainment genres, the principal use being live entertainment. 1 West North Avenue and 1820 North Charles Street would be incorporated into the project through a mix of demolition, renovation and new construction.
MFF Parkway Theatre
Developer: Maryland Film Festival / Cross Street Partners (Jed Dietz)
Architect: Ziger/Snead Architects LLP
General Contractor: Commercial Interiors + Cross Street Partners
The Maryland Film Festival proposes to house a year-round film, digital-video and live-music center in fully renovated and restored theatre buildings. The MFF Parkway would have three components: cinema, live music and education. This project would transform the Parkway’s original auditorium into a 419-seat film and music space, and add two smaller theaters.
The renovation would include year-round offices for the Maryland Film Festival and a food venue.
Station North Arts Company
Developer: Kevin Brown, Gregg Mason and David Sawyer
Architect: Aga Szostakowska
General Contractor: To be selected
In this proposal, the Parkway Theatre would be a digital and live entertainment venue operating seven days a week. This venue would be a mid-range entertainment stage for Baltimore City. On the ground floor retail level the project would include an arts oriented paper and digital newsstand, a wine bar, a wellness center/spa, a restaurant/bakery, and fresh market. On the second floor, office suites and production facilities; and on the third floor, residential units.
Charles North is located in Central Baltimore, surrounding historic Penn Station and abutting the Jones Falls River Valley. It is bisected by North Avenue and is located halfway between the Inner Harbor and the campus of Johns Hopkins University.The area is well served by existing transportation elements including Penn Station’s Amtrak, MARC and other train connections, Light Rail and numerous bus lines. General boundaries of the Charles North area are defined as the Jones Falls Valley edge to the west; 23rd Street to the north; St. Paul Street to the east; and Penn Station to the south.
The area is home to many successful arts and entertainment venues and is part of the Station North Arts and Entertainment District. The Charles North Vision Plan describes a major regional destination for arts, retail and entertainment, proposed significant mixed-use and transit-oriented development.
Baltimore’s Parkway Theatre was designed by Oliver B. Wright and patterned after the West End Theatre near Leicester Square in London. The design is in the Louis XIV style and was envisioned as a Vaudeville performance house with about 1100 seats. The theatre was acquired in 1926 by the Loews organization and extensively remodeled. Movies remained the mainstay until the theatre was acquired and closed in 1952 by the Morris Mechanic organization. It reopened in 1956 as the Five West Art Theatre, continuing that operation into the mid 1970’s when it again closed and remained so until the early 1990’s when an attempt was made to open commercial office space in the rear orchestra level. The theatre has remained vacant since 1998.
The proposals are under review.
Baltimore, MD (March 26, 2012) - The Baltimore Development Corporation (BDC) will hold a public hearing to discuss the proposed updated Enterprise Zone (EZ) for Baltimore City
The Enterprise Zone is a property tax credit program for businesses making capital investments in their property (i.e., construction or renovation of a building, or expansion of an existing facility) or hiring at least one new employee in the Zone. Commercial and retail as well as industrial projects are eligible. Residential properties are not eligible for any of the Enterprise Zone tax credits.
The hearing will be held on Tuesday, March 27th from 7:00-9:00 p.m. at the Emerging Technology Center (ETC) at Johns Hopkins Eastern, 1101 East 33rd Street, 3rd Floor.
Every 10 years Baltimore City’s tax-incentive program for businesses, the Enterprise Zone, undergoes a renewal process whereby the City must redesign the Zone to better reflect the changing demographics and economic needs of the City. As a part of the renewal process, public review and comment are required. (All Maryland jurisdictions apply to the State of Maryland’s Department of Business and Economic Development – DBED -- for designation.) BDC’s application, on behalf of the City of Baltimore, must be submitted to DBED by Monday, April 16th. If approved, the new Zone is effective June 15th.
The Enterprise Zone has helped hundreds of companies throughout Baltimore City by creating an incentive for property investment and improvements. Please refer to www.ezbaltimore.com for detailed information regarding these new changes. This site contains information about the process, downloadable data, census tract maps, old EZ maps, and the newly proposed EZ map. It also explains the 5-year rule, provides information about the public hearing, has a FAQ (Frequently Asked Questions) section, and a link to BDC’s website for general information about the EZ incentives. Most importantly, the site also adds a “virtual” channel for public comments or suggestions.
Baltimore, MD (March 22, 2012) – The Baltimore Development Corporation (BDC) contracted with the City of Baltimore to provide economic development services, and responsible for the retention and expansion of existing business, attracting new business and for proactively marketing the City as a premier location to do business and invest, is seeking a well-qualified economic development professional to serve as its next President and Chief Executive Officer (CEO).
Appointed by the Mayor of Baltimore, the President and CEO reports to the BDC Board of Directors and serves as a member of the Mayor’s cabinet (which is confirmed by the Baltimore City Council).
The President & CEO provides vision and leadership for the economic development of Baltimore City that grows Baltimore’s economy by: 1) Managing, overseeing and coordinating the City’s economic development efforts; 2) Creating a strategic economic development plan with the BDC Board of Directors, Mayor’s Office and public and private partners; 3) Recruiting new business and supporting existing business that creates job opportunities for City residents; 4) Providing business assistance and opportunities for minority and women-owned, and small businesses; 5) Facilitating new commercial development projects in Baltimore City; 6) Actively and strategically marketing Baltimore city as a premier urban location to do business and real estate development; and 6) Actively advocating for public policies and development projects that support Baltimore’s economic growth, among other duties and responsibilities.
The ideal candidate should be a leader that possesses thorough knowledge and experience in urban economic development, a passion for business and real estate development, and demonstrates a successful track record in the strategic planning, implementation, and completion of complex projects, business negotiations, and organizational restructuring. In addition, a candidate should have: 1) A demonstrated understanding of local government, legislative policies and procedures, public policy, and general knowledge of surrounding jurisdictions; 2) Ability to plan, direct, coordinate and administer a comprehensive economic development plan with City agencies and partners; 3) Ability to analyze complex real estate development projects, including financial analysis, and develop a course of action consistent with established planning guidelines and master plans; 4) A combination of both private and government sector work experience; 5) Knowledge of public-private partnerships, non-traditional financing sources, including Tax Increment Financing (TIF), and Baltimore City incentive programs, including Payment in Lieu of Taxes (PILOT) program; and 6) Establish primary residency in Baltimore City within six (6) months of date of hire.
A Bachelor’s degree in Business Administration, Financing, Urban Planning, Economics, Public Policy or other closely related fields with at least five (5) years of experience managing an economic development agency or similar organization is required. A Master’s degree in Business Administration, Finance, Urban Planning or Architecture is preferred.
Submit cover letter and resume to Nancy Jordan-Howard, Chief Operating Officer, City of Baltimore Development Corporation, 36 S. Charles Street, Suite 1600, Baltimore, MD 21201, or via e-mail at firstname.lastname@example.org with “President” in the subject line.
In addition to the Baltimore Development Corporation website (http://www.baltimoredevelopment.com/node/4607), this posting can also be found on the following economic development websites:
1. Select Leaders (Urban Land Institute) - http://www.selectleaders.com/login
2. EDC (International Economic Development Council) – http://www.iedconline.org/?p=Job_Center_Listings#march12a
3. MEDA MD (Maryland Economic Development Association) – http://www.medamd.com/jobsboard
Applications will be accepted until Friday, April 6, 2012.
03-15-12Governer Martin O’Malley Announces $84 Million in Investment for Maryland's Innovation Economy
GOVERNOR MARTIN O’MALLEY ANNOUNCES $84 MILLION IN INVESTMENT FOR MARYLAND’S INNOVATION ECONOMY
Maryland first state in the nation to use online auction to raise funds for venture capital programInvestMaryland will deploy first round of funds to seed early stage companies this summer
ANNAPOLIS, MD (March 15, 2012) –Governor Martin O’Malley and Peter Greenleaf, chairman of the Maryland Venture Fund Authority, today announced that $84 million has been raised for Maryland’s Innovation Economy through InvestMaryland – an historic initiative created by the Governor and passed by the General Assembly last year to invest in the State’s promising start-up and early stage companies. The $84 million raised far exceeds a goal of $70 million and was generated through an online auction of premium tax credits to insurance companies with operations in Maryland. While other states have sold tax credits to fund similar venture capital initiatives, Maryland is the first state to use an online auction to raise the capital for such a program. The inaugural round of investments will be made in innovative companies this summer through several private venture capital firms and the State’s successful Maryland Venture Fund (MVF).
“Today, we are pleased to announce that Maryland has taken a significant step forward in generating capital for our businesses and creating jobs,” said Governor O’Malley. “For the first time in our nation’s history, a state has successfully held an online auction to raise funds for a venture capital program and as a result, Maryland will infuse $84 million in venture capital into our Innovation Economy to create jobs. Our State is well-positioned to be a leader in the new economy as a global hub of innovation – a leader in science, security, health, discovery and information technology. That’s why last year, together with business leaders from across the State and the General Assembly, we chose to invest in our diverse and highly-educated workforce and the skills and talents of our people for the jobs and opportunity of tomorrow.”
InvestMaryland is the largest venture capital investment in history by the State. The program is being implemented through the Venture Fund Authority and the Maryland Department of Business and Economic Development (DBED).
“I am thrilled with the auction’s success in not only raising $84 million for InvestMaryland in this difficult economic environment, but also by far exceeding our $70 million goal. I’d like to thank our many partners in this effort – Grant Street Group, DBED staff, my colleagues on the Maryland Venture Fund Authority and the participating insurance companies for helping to make this auction a success,” said Greenleaf, who is also President of Gaithersburg-based MedImmune. “I now look forward to putting this capital to work by making initial investments this summer to help build new businesses and create jobs in Maryland.”
“Working together with our stakeholders and insurance companies, we were able to raise $84 million and far exceed our goal to fuel innovation and entrepreneurship in Maryland,” said Maryland Department of Business and Economic Development (DBED) Secretary Christian S. Johansson. “This program brings maximum benefit for taxpayers, helps create the jobs and companies of tomorrow and builds an economic climate where the most promising ideas and innovations have a chance to mature.”
Today’s online auction attracted more than two dozen insurance companies with operations in Maryland, who bid on the tax credits with a floor of $.70 on the dollar. The 11 companies awarded the credits are Agency Insurance, Chubb, GEICO, Hartford Insurance, IWIF, Med Mutual, Met Life, NY York Life, Selective and Traveler’s. Insurance companies can claim tax credits beginning in 2015.
“GEICO is pleased to work with the State on the InvestMaryland program and participate in today’s successful tax credit auction,” said Mike Campbell, Chief Financial Officer of Maryland-based GEICO. “Our company is in full support of the positive impact that InvestMaryland will have on companies throughout Maryland in terms of job creation, stimulating private investment and moving our Innovation Economy forward."
Key tenets of InvestMaryland, Governor O’Malley’s signature economic development proposal last year, have been implemented over the past nine months. In August, the Governor named the Venture Fund Authority, a nine-member panel that oversees the administration and operation of the program. Earlier this year, the Authority selected Grant Street Group to prepare for and run the tax credit auction and also recently selected Altius Associates, a London-based firm, to oversee the selection of three to four private venture firms to invest the InvestMaryland funds.
The private venture firms will be responsible for investing two-thirds of the funds, which will return 100 percent of the principal and 80 percent of the profits to the State’s general fund. The remaining 33 percent will be invested by 17-year-old Maryland Venture Fund (MVF). Over its life, the MVF has invested $25 million into hundreds of start-up and early stage technology and life sciences companies, generating a $61 million return, 2,000 jobs and more than $1 billion in private investment. The Maryland Small Business Development Financing Authority (MSBDFA) will also receive a portion of funds for investment. Returns on the funds invested through the MVF will be reinvested in the program.
Among its benefits, InvestMaryland has the potential to create thousands of jobs in Innovation Economy sectors – life sciences and biotechnology, cyber security/IT and clean/green tech and attract billions of follow on capital. It mirrors many aspects of a federal program to accelerate high-growth entrepreneurship nationwide, The Startup America Partnership, which President Barack Obama launched year.
The program is one of a number of initiatives Governor O’Malley has introduced to spur innovation and entrepreneurship in Maryland. Earlier this year, the Governor announced a legislative proposal to create the Maryland Innovation Initiative, an historic partnership between the State and its research universities to advance cutting-edge research to the commercial marketplace.
Maryland has an outstanding infrastructure to support an Innovation Economy. The Milken Institute ranks Maryland #2 in the nation for technology and science assets. According to study results, while Maryland received high rankings in human capital investment, research and development inputs, technology and science workforce, and technology concentration and dynamism, it lagged behind other states in risk capital and entrepreneurial infrastructure, demonstrating the need for InvestMaryland and other programs. The Index provides measurements of the technology and science assets for states, ranking them on their ability to foster and sustain a technology sector, which research has shown is a crucial factor in determining a region's future economic success.
©2011, Maryland Economic Development Association, All rights reserved
02-24-12Mayor Rawlings-Blake and Other City Officials Celebrate Ainsworth Paint Demolition with Community
Baltimore, MD (February 24, 2012) - Today, Mayor Stephanie Rawlings-Blake, Baltimore City Council President Bernard “Jack” Young, Baltimore City Councilman Warren Branch, Baltimore Development Corporation (BDC) President M.J. “Jay” Brodie and Baltimore City Department of General Services (DGS) Director Theodore Atwood joined members of the Berea and Orangeville communities for a demolition event for the former Ainsworth Paint facility at 3200 East Biddle Street in East Baltimore.
The Ainsworth Paint facility produced Fuller-O’Brien paints for more than 30 years before the O’Brien Corporation sold it to Ainsworth Paint and Chemical Corporation in the mid-1980s. Ainsworth, which made paint for boats and ships, stopped production at Biddle Street in 1988 after losing a federal contract and falling into financial difficulties. The approximately 1.5 acre site, which contained a 42,354 square foot manufacturing facility and a smaller laboratory building, has since been vacant and became blighted and a nuisance to the nearby communities.
“Today we are celebrating the beginning of a new chapter – scraping away the old to prepare for new growth in East Baltimore,” said Mayor Stephanie Rawlings-Blake. “Working with BDC, residents and community leaders helped to ensure that we could eliminate this blight and start building a bright future for the surrounding neighborhoods.”
In 2007, at the request of BDC, the City Council approved an ordinance allowing the City to acquire the property via condemnation. This action was strongly supported by the surrounding community. BDC was also successful in its request to the U.S. Small Business Administration (SBA) to release its $1.1 million lien against the property. Further, BDC asked the U.S.
Environmental Protection Agency not to pursue further cost recovery actions for emergency work completed in 1995, which they agreed to. These actions were approved based upon the City’s acquisition of the property for economic development purposes.
After months of negotiation with a representative of the previous owner to acquire the property, the City decided that condemnation was necessary. The City received title via an Inquisition issued by Baltimore City Circuit Court on April 14, 2010.
“We are happy that the Ainsworth demolition project is underway and these buildings are finally coming down,” said BDC President Jay Brodie. “Cleaning up the site for future job creation and returning the property to the City’s tax roles is a priority for BDC.”
In April 2011, the Baltimore City Department of General Services advertised the demolition project. The contract was awarded by the Board of Estimates to Potts & Callahan in September 2011. BDC, DGS and Potts & Callahan then met with the Berea community in December 2011 to inform them of the demolition project and to respond to any questions.
“Of all the work we do everyday for City agencies, none is quite as fulfilling as work that contributes to the vibrancy and growth of a community,” said Department of General Services Director Theodore Atwood. “We look forward to the completion of this project for a better and stronger East Baltimore.”
“The former Ainsworth Paint Factory demolition project has been a long-time coming,” said Margie Fleming Brinkley, Vice President, Eastside Neighborhood Community Association – Berea. “The Berea community shares optimism for what is ahead as this project is one more important move in our history. We remain profoundly diligent in our efforts to keep our community on the continuously growing map of East Baltimore.”
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