BALTIMORE-Pilot program eases development of Spinnaker Bay, a mixed-use project in the Inner Harbor East area. Developers of the $97-million residential and retail property will not have to pay 95% of incremental real property taxes.

WASHINGTON, DC-Work has begun on Square 429, a parcel that will become home to the Portrait Building and the Greene Building. The separately owned structures, which together account for about 170,000 sf, will cost nearly $22 million to complete.

BALTIMORE, MD-Change is afoot at the one million-sf White Marsh Mall as the May Department Stores Co. expands its Hecht's store into a space being vacated by the company's Lord & Taylor outlet.

ARLINGTON, VA-A recent transaction reaffirms the theory that big things come in small packages, as a 15,500-sf office building brings in just over $3 million. The 20-year-old structure is presently leased to maximum capacity.

FALLS CHURCH, VA-Staying ahead of the curve, Acacia Federal Savings Bank decides on an early lease renewal, in addition to expanding its space by 6,100 sf in the 215,000-sf office complex at 7600 Leesburg Pike.

WASHINGTON, DC-Allied Capital reveals its plan to sell the Hillman Cos. to a Code Hennessy & Simmons LLC affiliate for $510 million.

WASHINGTON, DC-The president's FY 2005 budget plan proposes to cut funding of the Housing Voucher program--putting those in need of housing assistance in grave danger of losing that assistance.

ARLINGTON, VA-A $38 million recapitalization deal is put in place for Ballston Gateway through a joint venture involving the Penzance Cos. and American Realty Advisers.