The renaissance of downtown Baltimore City is on the right track, but local stakeholders are being encouraged to adopt a “growth mindset” to keep momentum going and alter the negative perceptions still held by many outsiders.
P. David Bramble, Mohan Suntha, and Lou Kousouris were among the panelists at Bisnow’s recent “Baltimore State of the Market” event who implored area companies – in Bramble’s words – to “dig in, invest, and make a meaningful difference because no one from outside the area is going to swoop in and take the lead.”
Mohan Suntha, University of Maryland Medical System with David Bramble, MCB Real Estate.
“Money does not care about location,” said Bramble, Co-Founder and Managing Partner, MCB Real Estate. “The most important thing is to generate solid returns on your investment, and we have been able to open some eyes after convincing people to visit the city and experience all the development momentum underway. Getting those audiences over the hump is really hard, but we are making steady progress. Take out a map, and it becomes immediately clear that Baltimore resides in the heart of the best economic corridor in the United States – in a swath stretching from Washington, D.C. to Boston. It is now incumbent among all local stakeholders to activate the assets we have.”
“If you strip the name off the city, outsiders would have an entirely different perspective about the amazing attributes of Baltimore, but negative images die hard,” said Suntha, President and Chief Executive Officer of the University of Maryland Medical System. “We cannot wait for another David Rubenstein to swoop in and make a significant investment here although, recently, many others have made a bet on Baltimore. But everything starts with the efforts of local stakeholders.”
Kousouris, Vice President of Strategic Projects and Initiatives for MCB Real Estate, said local companies should take lessons from leaders who spearheaded the development of Charles Center, including architect/urban planner David A. Wallace and developer David Kornblatt. Developers should “provide a blueprint for their conviction in uplifting sections of the city that were considered an afterthought.”
He added that “great neighborhoods define cities, create authentic experiences and function as demand drivers, and Baltimore City has been the beneficiary of recent redevelopment activity that has reignited blighted sections, including Northwood Commons near Morgan State University, Yard 56 in East Baltimore, and Reservoir Square. Who would ever have thought that townhomes on North Avenue would sell for $400,000? That effort takes vision and commitment.”
Featured in this article: MCB Real Estate, University of Maryland Medical System.