Why is Baltimore special? Why is Baltimore the place to be? Why are we investing in Baltimore? Good questions. In the spirit of full transparency, Baltimore had a bit of a rough patch prior to this period of renewal we now have before us. Baltimore, like many other cities and states, went through a down time, and then returned more focused, dedicated and creative than ever before. Today, the prescience of a bold breed of investors continues to spark amazing new developments across the city while simultaneously restoring broken communities and confidence in what were once very distraught areas. These innovators look ahead with a common goal: to revive Baltimore’s inimitable and rich history in this urban backdrop which shapes the people who live within the within 92 square miles.
The Barclay $85M revitalization, in particular, demonstrates investors’ dedication to Baltimore as the project moves forward. This central neighborhood adjacent to Station North Arts and Entertainment (SNAE) District is a vibrant example of the conscious renaissance happening in Baltimore.
Station North, Barclay’s neighboring community, has received multiple investments and new projects including a $11.5M maker space called Open Works, and an $18.5M renovation by nonprofit developer Baltimore Jubilee Inc, turning the former Centre Theatre into office space for nonprofits.
The Housing Authority of Baltimore City awarded Telesis the redevelopment of the distressed Barclay area in 2006. Shortly after that time, the economy tanked, the housing market deflated, and in 2008 many felt the financial crash. Therefore, not much happened immediately in terms of redevelopment. Fast forward to present day: Telesis has completed 189 residences thus far. To date 35 homes have been sold and pre-construction contracts are marketed for the next phase.
Barclay’s $85M revitalization will also include 89 new homes and its first retail spaces as it drives forward. The new multifamily mixed use will begin leasing by year-end. When complete, the project will include 325 housing units: a third will be homes for sale; the remaining two thirds will be rental units ranging from $600-$900 for anyone meeting the financial requirements.
The momentum isn’t slowing; in fact, Jubilee’s second City Arts artist apartments will debut this year; Telesis is an investor in both projects. Station North is humming with communal creativity. The neighborhoods around the district are benefiting notably. The impetus between various groups within these cultural hubs are thriving.
So, what makes Baltimore More? Its unique culture, subtle twang, the passion of its residents, its design, architecture, industrial spaces turned into fabulous living and work spaces. If you need one more reason why Baltimore is More, the answer is because of you.