2008 brac update city of baltimore. 2008 brac update estimates regarding job growth and residential...
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2008 BRAC Update
CITY OF BALTIMORE
2008 BRAC Update
Estimates regarding job growth and residential impact were conservative
Aberdeen BRAC impact on City – up to this point – has only been residential
BRAC Growth Impacts on Baltimore
2008 BRAC Update
Baltimore has been continually recognized by national publications as a location to weather the storm
Institutions such as government employers and universities are “recession-proof”
Increase in downtown office vacancy has created a renter’s market – average rental rate is ¼ of rental rate in Washington, DC and is lower than every nearby County
City currently has a development pipeline of project in excess of $6.5 billion
Local Economy has Weathered the Recession
2008 BRAC Update
LARGE REAL ESTATE PROJECTS
Harbor Point – 27-acre, 1.5 million square foot waterfront project on Inner Harbor. Morgan Stanley building opened last year and Four Seasons opens this November
State Center – 28-acre, $1.5 billion mixed use “village” in midtown Baltimore where Metro Subway and Light Rail intersect
Westport Waterfront – 42-acre, 4.8 million square foot waterfront project in Middle Branch. Residential development will begin in Q4 2012
What’s Next in Baltimore City?
2008 BRAC Update
INSTITUTIONAL
$1 billion expansion at Johns Hopkins Hospital to be completed in 2012
$200 million Proton Cancer Research Center at UMB BioPark finished in 2010
$376 million expansion at Mercy Medical Center to be completed in 2014
$108 million University of Baltimore Law Center to be completed in 2012
What’s Next in Baltimore City?
2008 BRAC Update
CORPORATE
Under Armour plans to add 600+ jobs in next five years and double campus size at Tide Point
Exelon/Constellation Energy will build a new 350,000 sf office tower in downtown Baltimore
Emergent BioSolutions bought 60,000 sf building in East Baltimore and anticipates adding 125 jobs over next five years
What’s Next in Baltimore City?
2008 BRAC Update
PORT ACTIVITY
Energy Answers is developing a $1 billion renewable energy power plant on 90 acres in Fairfield. Project will provide 140 megawatts and will create 180 permanent jobs. Opens in 2013
Cruise ship terminal now in Top 10 in US Ports America recently entered into a 50-year
partnership with Maryland to fund $150 million in improvements, resulting in 5,700 jobs and $16 million of annual revenue
What’s Next in Baltimore City?