Industry/innovation, place/community, and talent/people will be the three keys to growing economic opportunities in greater Baltimore over the next decade, according to a newly released report.
The Greater Baltimore Committee (GBC) unveiled its 10-year economic opportunity plan for the metropolitan region at an event held at Tradepoint Atlantic in late May. The plan, which focuses on those three growth drivers, was based on input and participation from more than 200 partners as well as external branding and marketing consultants.
The program coincides with the Downtown Partnership of Baltimore’s “Downtown RISE” strategic plan announced last November, which promises to make noticeable improvements to downtown streets, organize special events to lure workers back to the office, increase efforts to attract new businesses to the downtown area, and retain existing ones.
Significant goals of the GBC blueprint program are to achieve a “buy-in” from the six surrounding counties to encourage regional collaboration; chase industries including life sciences, logistics and light manufacturing; and position Baltimore as a place with a recognized and competitive brand.
During an interview at Bisnow’s “Building a Stronger Baltimore” webinar, Baltimore Mayor Brandon Scott expressed confidence in the area’s ability to rebound from the devastating collapse of the Francis Scott Key Bridge and the national perception of an unsafe city on the decline.
“You cannot tell the history of the United States without including important events that unfolded in Baltimore and the city is about to enter another period of renaissance,” he said.
“We are a great American city with tremendous assets, including a strategic location near Washington, D.C, one of the best ports in the country and a lower cost of living,” Scott added. “The best thing that residents in the surrounding counties can do to support the city is to drive downtown, patronize local restaurants and businesses, and spend time here. For companies considering investing capital in Baltimore, I would encourage them to get in on the ground floor and take advantage of the nearly $7 billion worth of investment that will occur by 2028. The federal government has pledged to pay for every single dollar needed to replace the bridge and we fully intend this to happen.”
Tom Fidler, MacKenzie Retail’s Executive Vice President and Principal, says that Baltimore City continues to garner the attention of both regional and national retailers and restaurant brand names. The projected level of capital investment over the next five years will garner the attention of the next generation of entrepreneurs that see opportunity here.
“With the right level of collaboration, support, and teamwork with the neighboring counties, Baltimore City has the potential to redefine urban revitalization and create a road map for others,” Fidler said. “Our geographic location, niche communities with the city, and lower cost of living should prove to be the start of new market entries by those entrepreneurs that share the belief in potential growth and expansion.
“No U.S. city has the perfect environment, but this collaboration is the perfect commitment to kickstart Baltimore City 2.0, and there are numerous retailers sitting on the sidelines, watching and waiting,” he added.