Given
how much of a lost cause Port Covington had been and now all of the
excitement that is being stirred up by its eventual status as the
"Gateway to the City" or a "Greener Inner Harbor" or the "return of
manufacturing Jobs to the City", it makes think what else Sagamore
Development can do. There are several beleaguered and stalled
developments in part of the City that by all rights, should have
improved many times over. In some cases, the biggest obstacle these
areas face is the lack of staying power on the part of the developers.
Given the tremendous growth of Under Armour and the coming growth that
redeveloping Port Covington will generate, Sagamore can and should begin
looking elsewhere in the City to make a mark. But Where?
The
first place is quite obvious; The Super Block. Where else in Downtown
have there been more false starts and forks in the road? Originally,
this was supposed to be a complete tear down and rebuild from scratch.
Then Historic Preservationists saw the beautiful architecture in these
decaying buildings and opted to safe them. That created another problem.
Very few Retailers want to sign a lease in an old space not designed
for their needs. Indeed, the super block spaces are long and narrow for
the most part and the required investment to modernize these old
buildings staggering to say the least.
Over the
years, the super block has seen many developers and investors show
interest in it. Each time however, something has forced them to pull out
(whether it be lack of finances or their plans not meeting the City's
expectations for historic preservationists) thereby leaving the
buildings to further decay and rot. This is why I want Sagamore
Development to take the financing portion at the very least. This
project needs deep pockets to hold on to the land while plans are being
finalized as well as to take on the roll of demolishing the back of
these buildings and stripping them down only to their front facades to
keep their historical integrity intact. This will also allow the insides
of the buildings to be built straight to the specifications of
Retailers who could then be lured into leasing space at Super Block.
Now
we come to Lexington Market. Although Lexington Market itself is
receiving a $2 Million renovation, its surroundings could use a shot in
the arm. The paring garage across Paca St. from Lexington Market was
supposed to be redeveloped as a Apartment and Condo high rises with a
few town homes as well. The parking garage and therefore the project,
was to be located between Paca St, Greene St. Lexington St., and
Saratoga St. The bold project, known as "The Residences at Lexington
Market" despite having my support, was not meant to be. Like many other
redevelopment projects was shelved due to the recession and never heard
from again.
What Lexington Market suffers from
is a lack of Residences near by. To create a true Downtown
Neighborhood, there must be a certain mix between Residential, Retail,
and Commercial. Ironically a few blocks east on Howard St., it suffers
from lack of Retail and a plethora of Residences. I think Sagamore
Development can be a big help in redeveloping that same parking garage
(the plans can be modified) as well a block south of the Market; between
Lexington St., Eutaw St., Paca St., and Fayette St. This will be a
similar to mid to high rise Apartment/Condo building that will help
introduce a Residential component to Lexington Market which should help
the area turn a corner which is something that the area has been trying
to do.
Given that David S. Brown
Enterprises has taken on the redevelopment of the vacant Social Security
headquarters, that gives Sagamore Development on less job to take on.
But worry not, I still have one more project that's perfect for
Sagamore; State Center. Given the fact that the State of Maryland has
all but walked a away from massive redevelopment project and is original
partner, Streuver Brothers, Eccles, and Rouse went bankrupt, this
project needs fresh capital in order to jump start it.
I
think the next logical step for Sagamore Development is to revive State
Center. First off they need to renovate and/or rebuild the decaying
State Offices that are sitting on a portion of the site. Then, they need
to wait and see what the market dictates their next step is. I think a
big blow for this project was when it was scaled back not to include
McCulloh Homes. The decaying public housing project is just next door to
State Center and suffers from crime, drugs, and increasingly poor
living conditions. A high end project such as State Center would prefer
not to have that as their Neighbors.
So in
addition to the current parcels of land, State Center should once again
include McCulloh Homes. The Market might not be ready right away for
such a huge influx of new mixed use coming down the pipeline. As a
result, Sagamore needs to treat this as a long term investment. The
problem with long term investments is that paying large taxes on vacant
land can quite easily bankrupt a company. This is why we need a
development firm such as Sagamore Development that's making money on
Port Covington in the meantime to help finance the land of State Center
until the market readies itself for redevelopment.
Given
Sagamore Development's big splash onto the scene by redeveloping Port
Covington, it begs the question by struggling areas of the City; What
Else Can you Do?