The Baltimore City Council this week green-lighted plans for a major mixed-use development on 20 formerly industrial acres opposite the Johns Hopkins Bayview Medical Center.
Developer MCB Real Estate LLC acquired the property last year and is planning to invest $80 million to $100 million, with up to 2 million square feet of development, including apartments, shopping and a hotel. The city granted design approval in October.
The City Council on Monday approved a key zoning change to allow the development on the site, formerly home to Pemco Corp., where glass and porcelain were manufactured for decades. The firm is currently waiting for sign-off on an environmental clean-up plan and recruiting tenants.
MCB Real Estate Principal David Frederick said the firm hopes to start demolition and remediation work by the end of the year, with tenants signed on to start construction in 2016.
“MCB has been receiving substantial interest from both residential and retail users attracted to the site’s proximity to Hopkins, I-95 and the Greektown and Bayview communities,” he said in a statement.
Baltimore-based MCB purchased the 5601 Eastern Ave. property for $3 million in April. The firm, which has a portfolio of retail, industrial and office developments in 11 states, also owns Eastpoint Mall.