City's east-side renaissance spreads
1st Mariner's Hale, Va. firm to add homes; $200 million transformation; More than 1,000 condos, townhouses on 15 acres
Artist's rendering of residential project proposed for Greektown. (Rendering by Lessard Group Inc. Architects / March 31, 2005)
The $200 million venture, proposed for an industrial swath several blocks south of Eastern Avenue, is expected to jump-start the gentrification of yet another working-class neighborhood and follow a pattern extending from Locust Point to South Baltimore to Canton.
Hale, chairman and chief executive of Baltimore-based First Mariner Bank and owner of the Baltimore Blast soccer team, said yesterday that he has teamed up with Vienna, Va.-based KSI Services Inc. to build the development on about 15 acres where Bob's Transport and Storage Co. operates a trucking company.
The developers have a contract for an undisclosed sum for the site, contingent on rezoning, and hope to begin construction next spring.
"This is a great market here, because of the proximity to I-95 and the jobs that are here and the amenities around here," Hale said yesterday. "Empty-nesters are moving back in from the county to here, and Washingtonians are using this as a bedroom community."
Hale earlier teamed with KSI, a developer of planned residential communities and mixed-use projects, to build a 504-unit condo portion at his Canton Crossing, a $500 million mixed-use project about a mile and a half away at Boston and Clinton streets.
"We see Baltimore as an urban extension of D.C.," Ed Murn, a KSI vice president, said yesterday. "With the activity we've been seeing in Washington and in Baltimore, there's a good demand for the long term as people want to move back into the city and enjoy the 24/7 environment."
Plans, still in the early stages, call for an estimated 600 condos in four 12-story buildings; 250 apartments in one 12-story building; and 179 townhouses - 101 three-story units and 78 smaller "2-over-2" townhouses, one unit stacked atop another.
The new development would nearly double the number of homes in Greektown, a neighborhood of mostly modest, two-story brick rowhouses east of Highlandtown known as a cultural and religious hub of Baltimore's Greek community.
Prices would be from the mid- $200,000s to about $400,000, far higher than the average $156,532 selling price last year for the 21224 ZIP code, where the project is situated. The average home price has risen 131 percent since 1999.
"He would be aggressively pushing the marketplace at that price point," said Tracy Gosson, executive director Live Baltimore Home Center, a nonprofit organization that promotes city living.
"But the city has demonstrated that there is plenty of room for growth. ... You've got a major job base there that is active and growing and with above-average incomes. And you have the undeniable character of Greektown. You can't re-create that in White Marsh."
Though the project faces months of planning and design reviews, city officials and community members welcomed yesterday what would be the neighborhood's first new homes in decades. They said the project could help spur economic development, increase property values, boost local businesses and attract new residents to a city with a shrinking population and tax base.
"This will be a real shot in the arm for Eastern Avenue," said Bob Santoni, owner of 75-year-old Santoni's Supermarket on East Lombard Street. "There's a whole renaissance taking place here as a kind of an offshoot of Canton and Fells Point. It's been remarkable. I get excited when I'm driving up and down the street and see Formstone coming off the houses."
Stelios Spiliadis, chairman of the board of Greektown Community Development Corp. and owner of the Black Olive restaurant in Fells Point, said Hale has shown that he is willing to work with the community as it undergoes an economic transition.
The neighborhood once flourished as a blue-collar community but, as manufacturing jobs dwindled, younger generations left for jobs elsewhere.
"Ed Hale helps us because he's developing the type of housing that would be attractive to that population. He has the money, and we have the dream," Spiliadis said. "And [the new homes] will remove the gases of the trucks, which were always a curse for the community."
The developer seems to understand that "we need to make sure the healthy members of our community are not pushed out by such a development," he said.
Otis Rolley III, city planning director, said his office has not received the plans but that he supports the concept.