The city on Tuesday formally started the process of turning Cross Street Market over to private management, releasing guidelines for what it wants from interested developers.
City officials said last month they would seek bids for management of the Federal Hill market, in an effort to add vendors and tap private capital to overhaul the building.
The decision came after inquiries about the market from firms that included Caves Valley Partners and War Horse LLC, the development firm of Under Armour CEO Kevin Plank's brother, Scott Plank.
"What we're looking to do is enliven the market and exploit its potential to be a destination place for the neighborhood, for the communities it serves," said Robert Thomas, executive director of Baltimore Public Markets Corp., the nonprofit that currently oversees the city's six public markets.
The request for proposals, posted Tuesday, envisions a lease that lasts up to 30 years, with the developer paying at least $275,000 to the city in the first year. That figure is based on the typical net earnings of the current market over at least the last three years, Thomas said.
The payment would increase periodically and include profit-sharing under terms that are not specified.
The city is not offering financial assistance for the project.
Proposals are due March 5 for vetting by the Baltimore Public Markets Corp. board, which is chaired by Downtown Partnership of Baltimore President Kirby Fowler. Final approval of a lease and redevelopment plan would come from the Board of Estimates.
Proposals would not be opened publicly under the terms of the RFP, but developers may be required to make presentations to the community. The board will also consider the developer's relationship with the public as part of the application, Thomas said.
nsherman@baltsun.com