BALTIMORE (WBFF) — With Sail250 in Baltimore, the Inner Harbor is lively and full of crowds celebrating of the 250th anniversary of the founding of the United States. A change of pace for an area that’s seen many restaurants and businesses close over the years.
While a plan to revitalize the Harbor is in motion, there’s still obstacles to overcome.
“It would be great to see more businesses. I noticed some of the things moved out so it would be nice to see things move in,” said Jennifer Knoecker, who is visiting Baltimore.
“Some stuff gotta change for real if we want a place to chill,” another resident added.
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“Life happened to the pavilions, you know, retail changed, the economy changed, downtown changed, and so here we are, and there’s a real desire to have these pavilions and the entire site redeveloped,” economist Anirban Basu said.
The multi-million-dollar Harborplace redesign, led by MCB Real Estate, includes plans to replace aging storefronts and restaurants with a two-tier promenade and realigned roadways. Including, 900 new apartments, office space, and a public park.
“Harborplace’s revitalization will be authentically Baltimore – by Baltimoreans, for Baltimoreans. We will make our waterfront a world-class destination for residents and visitors for cuisine, commerce, culture, and all the best that Baltimore has to offer,” MCB’s Harborplace website said.
However, Basu, with the Sage Policy Group, said financing for a project like this can be difficult.
“A lot of retailers are pulling back, and so getting this project financed has been difficult. Commercial development has been difficult to finance across the country, but in a particularly weak economy like Maryland’s or the Baltimore regions, even more so,” Basu said.
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“We have some sense that it’s something like a $900 million project,” he added. “It might be more than that, because construction costs have risen recently. They’re looking for subsidies from the city and the state, totaling around $400 million These numbers have been bandied about, and so you know, we won’t know when they have financing until they tell us we have financing. How short they are not clear.”
“Harborplace is one of the many exciting development projects happening across the city and a key part of Mayor Scott’s vision to revitalize Baltimore’s downtown. The Mayor’s Office has been working diligently with MCB for the next phase of the Harborplace redevelopment, and we look forward to seeing the project advancing,” a statement from the Mayor’s Office read.
FOX 45 reached out to MCB Real Estate, but they have not responded to a request for comment.
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