Baltimore State Center
Maryland Department of Transportation
BAE has provided development advisory and transaction support services to this $1.5 billion mixed-use redevelopment project since 2005. Baltimore State Center, initially developed in the 1970s, is an obsolete 28-acre state office complex served by light-rail, regional rail, subway, and Amtrak. Redevelopment of this site will create Maryland’s flagship TOD project by reconnecting urban neighborhoods and creating in-fill mixed use development that integrates with this major transit hub. The Development Plan envisions a four-phase mixed use project with 1.9 million square feet of new state and private office space, 1,500 housing units, and 560,000 square feet of transit-oriented retail, entertainment, and hospitality uses.
During the master planning stage, BAE formulated the development strategy, conducted financial feasibility analysis using a detailed cash flow model, and developed an implementation strategy. BAE was then engaged to assist with the developer solicitation and negotiation process. BAE evaluated developer submittals, leading to the selection of the development team. BAE then provided transaction support to the State during the negotiation of the Master Developer Agreement and Phase 1 ground lease. Throughout the project, BAE played a key role in facilitating state and local development approvals, coordinating complex ground leases between multiple public agencies and private developers, and refining the project to ensure feasibility. BAE's work included testimony to the State Legislature, presentations at numerous public meetings, and revision of the funding strategy as the Great Recession impacted Phase 1. Baltimore State Center received a Charter Award from the Congress for New Urbanism.