BALTIMORE—For GlobeSt.com's 2019 ADAPT awards, we reviewed countless projects across the country to recognize outstanding efforts in adaptive reuse and opportunity zones. GlobeSt.com would like to highlight Prudential Financial's Impact Investments Group for its Yard 56 East Baltimore project.
Yard 56 is a transformative mixed-use project which is approved for more than 2.2 million square feet located in East Baltimore directly across Eastern Avenue from the Johns Hopkins Hospital Bayview Medical Center. The project is the culmination of several years of engagement with the surrounding Greektown and Bayview communities, the City of Baltimore's economic development agency (Baltimore Development Corporation) and the City's planning office.
"This project is a once-in-a-generation opportunity to remove a sign of urban decay immediately across the street from one of Baltimore's most important institutions, while bringing needed services and jobs to a neglected area of Baltimore," said Daryl Shore, transaction lead from Prudential's Impact Investments group. "We are committed to the long-term partnership with MCB Real Estate on this historic reinvigoration of East Baltimore."
The investment in Yard 56 will help to completely transform the East Baltimore neighborhood, removing blight and alleviating pre-existing environmental concerns, while bringing fresh food and health care services to the area. The revitalization will also benefit Baltimoreans without displacing any current residents. Further, the project will create permanent jobs for residents, in part through its work with Prudential's long-standing partner, YouthBuild. The general contractor will work closely with the local YouthBuild chapter, Civic Works, which will bring internship experience and job opportunities to otherwise out-of-school, unemployed Baltimore youth, in order to gain the skills needed for meaningful employment and to become leaders in their communities.
"On behalf of Baltimore City, I want to express our excitement and appreciation of Prudential's sizeable investment in MCB Real Estate's Yard 56 project in East Baltimore," said Mayor Catherine E. Pugh in a prepared release during the January announcement of the project's Phase I. "The City is committed to maximizing the unique potential the Opportunity Zone program presents to spur a new era of neighborhood investment. We are thrilled that an important, catalytic project such as Yard 56 is able to benefit from Prudential's Opportunity Zone Fund."
The first phase of the project is slated to include more than 80,000 square feet of grocery-anchored retail space, and 100,000 square feet of office space. MCB Real Estate commenced demolition and a substantial environmental remediation of the former Porcelain and Enamel Manufacturing Company site (known as "PEMCO") in the spring of 2018 and expects to deliver the first buildings by the end of 2019.
"MCB has been at this project for a really long time, so we are really humbled by Prudential's willingness to step up and be part of major change here in Baltimore. By providing crucial capital, and bringing their expertise of catalytic urban redevelopment, they continue to help create inclusive economic growth in a major urban city," commented P. David Bramble, managing partner of MCB. "While MCB works with many institutional investors, the significance of the selection of Yard 56 Baltimore and the State of Maryland for Prudential's Impact Investments first Opportunity Zone investment cannot be understated; we really have to credit the leadership of Governor Hogan and Mayor Pugh for focusing on how Opportunity Zones can help drive growth in the city."
➤➤ Join your colleagues at the GlobeSt.com ADAPT: Opportunity Zones awards September 16th in Baltimore, MD, where we put a spotlight on the achievements of those who have had a hand in locating adaptive reuse solutions across the country. At the same time it is also focusing on Opportunity Zones and the potential they offer – for both adaptive reuse and new construction. Click here to register and view the agenda.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
