Through a $15 million renovation with an acutely local viewpoint, Tide Realty Capital is attempting to reinvigorate a long-struggling retail center and contribute to a broader wave of economic growth in northwest Baltimore.
Crews led by Chesapeake Contracting Group began work on the first phase of renovations of the 63-year-old Reisterstown Road Plaza in January.
“Our feeling going into the project was that the bones of the plaza are really good,” said Aaron Loeb, President of Tide Realty Capital. “With a lot of marginal improvements, we can create a much more dynamic and exciting retail environment.”
Renovation concept courtesy of Tide Realty Capital.
Phase 1 includes renovating the building’s façade and replacing “the drum – an old, arcane, mall-like entrance – with a modern, inviting entrance that will also improve walkability,” Loeb said.
Once those renovations are complete, the Pikesville-based company plans to immediately begin Phase 2 renovations. They include adding a modern façade and retail entrance onto the 60,000-square-foot former Burlington Coat Factory store, which has been vacant for nearly eight years.
Tide Realty has already lined up a tenant to fill that space, Loeb said. “It is an entertainment company that we are really excited about because it will bring families into the center which is a big goal for us.”
Tide Realty, however, still has a lot of space to fill. When it purchased the 750,000-square-foot plaza in 2023, 150,000 square feet of retail space was vacant. Given the high percentage of families living in the adjacent neighborhoods, Loeb is aiming to attract family-friendly retailers, a fresh mix of restaurants plus additional medical and wellness facilities.
In the final phase of renovations, the company plans to modernize a 70,000-square-foot central corridor and transform it into a community gathering and event space.
“It has cool atrium windows, but, as is, it doesn’t have any real panache,” Loeb said. “We believe we can create a really inviting community space there. We are envisioning a public lobby rather than a mall.”
In an area that lacks community and event spaces, the corridor (a remnant from a 1980s project that turned the original, outdoor plaza into a mall) is already attracting users, said Yanky Schorr, Director of Operations at Tide Realty Capital. “There are nonprofits and associations that want to do events here. We will be hosting an art exhibit for a nonprofit in June. We have had interest from a local atelier to do a fashion show there.”
Loeb, who grew up three blocks from the plaza, and Schorr, who grew up six blocks away, believe they can succeed at attracting the right retail mix for that location and creating a vibrant community gathering space.
“Being the first local owners in 20 years makes such a difference,” Schorr said. “We are community-minded people who listen. We are interacting with the community in a real way, so there are no assumptions that this is a cross-section of Jewish, Black and Latin communities, so let’s just throw in a dollar store. That’s not how we approach things.”
The successful revival of Reisterstown Road Plaza could have an impact beyond the property lines, Loeb and Schorr said.
The project could serve as a “catalyst” for the development and success of the planned Transit Oriented Development at the adjacent Reisterstown Plaza Metro stop, emulating the success of the Owings Mills TOD, Loeb said.
“It takes a legendary developer like Howard Brown to pull off what he has done at Metro Centre,” he said. “What MDOT envisions for their site at Reisterstown Plaza Station is very similar and is looking to replicate that model.”
Through its renovation, the Plaza could become “the Foundry Row” to the Reisterstown Plaza TOD, collectively making the area much more attractive to retailers, residents and employers, he said.
The Plaza redevelopment, Schorr said, will also add to the broader revitalization efforts occurring along the Reisterstown Road corridor from Pimlico all the way to the Baltimore Beltway.
Current projects include the renovation of Pimlico Race Course (part of a $400 million overhaul of Maryland horse racing industry), the $100 million transformation of the Pikesville Armory into a community recreation and arts facility, and $116 million of housing projects underway in Park Heights.
“Governor Moore often says that this is Maryland’s decade and Baltimore’s time,” Schorr said. “The Reisterstown Road Plaza renovation is part of that story. We think there is no time better primed for growth — Baltimore-style growth — than now.”