Everybody knew it was going to happen, the bursting bubble over inflated home prices would eventually come back and bite us on the ass. Now Baltimore hasn't been hit nearly as hard as communities in other parts of the country but the market burst came at a time when Baltimore was going through a revival in neighborhoods that were just beginning to turn around and developers had been eying them for large scale development projects. Now large scale development projects that were successful in the past will today meet a tragic fate. Now market experts predict that the market will turn around in everybody's favor in the 2010-2012 range. Now if you happen to own a piece of undeveloped land you were looking to turn into Baltimore's next "Hotspot" Sit On It!
Here are some projects where developers will have to wait it out because, don't get me wrong, the market for these large scale development will return but now is not the time for it.
State Center aka "Eutaw District" By selling off the land that State Office Buildings sit on Streuver Brothers Eccles and Rouse hope to fuse together the neighborhoods of Bolton Hill, Madison Park, Upton, Seton Hill, and Mount Vernon.
Oldtown Mall/Penn Fallsway/Public Housing. This large area needs to be looked at comprehensively once the market turns around. The public housing in the area which consists of Somerset Homes,Douglass Homes, and LaTrobe Homes all are set to hit the wrecking ball. Oldtown Mall is almost completely vacant and Penn Fallsway is acres of surface level parking. Thomas G. Hayes Elementary has closed and Paul Laurence Dunbar Middle is grossly under enrolled as is Dunbar High. Dunbar High will have many other schools redistricted to it after a major renovation in my plan to fill vacant seats. Forest St. Apartments are included as well. We can't look at these blighted areas separately, we have to take a comprehensive look as if these seperate developments are one large vacant parcel and redevelop it as such.
Bond St Wharf/Harbor Point. Like the Pratt St. Parcel there's a large vacant parcel in Fels Point that has been overlooked by developers until relatively recently. Streuver Brothers Eccles and Rouse have aquired this former chemical plant to redevelop it into mixed use retail/office and a hotel. Henderson's Wharf has enjoyed a great revival as has the rest of Fels Point and I'm sure that Harbor Point, when the economy turns around it will be a great link from Harbor East to Henderson's Wharf.Now all these parcels are great development opportunities. It's just that our economy and our real estate market are in the toilet and these development projects will just have to wait until they're feasible. In other words; Sit On It!