By Megan Sayles
AFRO Staff Writer
msayles@afro.com
Economic development experts, real estate developers and city officials gathered at the Hilton Baltimore Inner Harbor on May 15 for the Greater Baltimore State of the Market. The event, produced by Bisnow, was designed to explore investment opportunities and challenges and community revitalization efforts in Baltimore City and its surrounding counties.
Credit: Photo courtesy of the Baltimore City Office of the Mayor / James “J.J.” McQueen
Baltimore Mayor Brandon M. Scott opened the program, touting the city’s growing appeal as a destination for innovation and corporate growth.
“This is the place to be for companies looking to make bold moves. You can just look around. You have folks, like CFG , Under Armor, T. Rowe Price, having new headquarters right here in Baltimore City,” said Scott. “We know that companies are taking advantage of our location and our resources as a logistics hub and one of the largest and most important ports in the world— not to mention our stake in medicine and hospitals. We know that we have the best in the world.”
A major development on the horizon that Scott pointed out is the multimillion transformation of Harborplace. It will bring new commercial and residential spaces and public amenities, like floating wetlands and an amphitheater, to the Inner Harbor.
He also highlighted upgrades to the homes of the Baltimore Ravens and Orioles at M&T Bank Stadium and Camden Yards, which will help to drive foot traffic to local businesses.
Altogether, Scott said nearly $7 billion in public-private development is forecasted for downtown Baltimore alone through 2028. He encouraged developers to explore avenues for investment in his $3 billion plan to end the city’s vacancy crisis.
“There’s opportunity everywhere you look right now in Baltimore,” said Scott. “Our momentum is the strongest it has been in years, as we have the lowest amounts of violent crime that we’ve seen in 50 years.”
Jennifer Jones, CEO of Howard County Development Authority, discussed the ways in which residents have been able to give input in local community development. Howard County is gearing up to break ground on a number of projects, including Gateway— which will transform the area around Columbia Gateway Drive into a new innovation district.
Jones explained that the county’s general plan, updated approximately every 10 years, identifies growth areas and development plans. Its most recent blueprint, which includes Gateway, was adopted in 2023.
“To get that plan approved, we have a lot of engagement with the public, and it has to get voted on by the county council,” said Jones. “Howard County is a very engaged community. If you have a county council meeting, it’s not just one or two people in the room. For all of the development sessions going forward, we’ve already gone to the community.”
Chris Mfume, managing partner of The Civic Group, highlighted his work in Baltimore. His firm is co-leading a project to relocate the Mayor’s Office of Cable and Communications headquarters to a vacant site in West Baltimore.
The grounds will also be overhauled to provide a new hub for Baltimore artists and creatives.
He emphasized that Baltimore already has the assets required to flourish, but the city needs to better capitalize on them.
“I’m hoping that in five years we have a thriving downtown that has repositioned itself as more of a residential neighborhood because that’s what it’s going to have to be,” said Mfume. “I’m hoping that we continue with our public safety gains and that we continue to hear from leadership that we’re ready to grow, so we can attract capital.”
