New York investment bank Goldman Sachs considers involvement in Mondawmin Mall

An official with Goldman Sachs, the New York investment bank that is helping develop the massive Port Covington complex in South Baltimore, said Thursday the bank is looking at other sites in Baltimore, including the space at Mondawmin Mall left empty in February when the retail giant Target closed its doors.

The closure of the popular discounter was a blow to West Baltimore, and city officials have been working to fill the space. Mayor Catherine E. Pugh said this week that she raised the idea of a movie theater in Mondawin in a meeting with Goldman Sachs officials.

“We enjoyed meeting with Mayor Pugh in Baltimore last week,” said Margaret Anadu, managing director of Goldman Sachs Urban Investment Group, in an email. “We are evaluating opportunities in Baltimore, including the potential Mondawmin Mall project, that align both with local community priorities and our place-based approach to comprehensive community and economic development.”

The bank’s urban investment group, which focuses on “impact investing” to boost the fortunes of cities that could use the help, pledged a $233 million investment in Port Covington last fall. Officials were recently in town to tour the site and the city.

“I asked them to take a look at the possibility of a movie theater in Mondawmin,” Pugh said during a news conference Wednesday. “They are taking a look at that.”

Pugh said she specifically cited the group’s investment in a theater in Newark, N.J., as an example of what she would like to have in Mondawmin.

The Target was one of a dozen underperforming stores the retailer closed around the country. It had been a key anchor to Mondawmin Mall’s revitalization in 2008. The giant retail discounter said it would sell the building.

Target still operates a store in the Canton neighborhood and several in the region. Officials did not respond to a request for comment. Nor did the mall’s owner GGP, a real estate investment trust formerly known as General Growth Properties.

The Baltimore Development Corp., said it has been working with the mayor to identify retail and entertainment options at Mondawmin.

meredith.cohn@baltsun.com

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