Silver Springer
March 7th, 2007, 11:36 PM
City picks Ray Lewis group as developer
Baltimore Business Journal - 2:18 PM EST Wednesday, March 7, 2007
by Daniel Sernovitz
Staff
Baltimore Mayor Sheila Dixon tapped a development team including Ravens linebacker Ray Lewis to turn an 11-acre site in the city's Carroll Camden section of southwest Baltimore into a $200 million redevelopment site with offices, a recreational sports complex and retail space.
"The effort that has been put forth to make this project come together is overwhelming," said Lewis, who added the chance to create a home for his youth mentoring center at the site was one of the prime reasons he opted to take part in the project. "I'm trying to bring education and recreation together, to really give our kids in our city true hope again."
At the recommendation of the Baltimore Development Corp., the city's economic development arm which voted in December to back the project, Dixon picked Lewis's group over five others that also submitted proposals. Dixon made the announcement during a press conference at city hall Wednesday afternoon.
"This gateway initiative is really going to touch on many components of what the city wants to see down the road in the future," Dixon said.
The project area, which the city is calling Gateway South, is on Russell Street south of M & T Bank Stadium, north of Interstate 295 and I-95, and east of the Carroll Camden Industrial Park. M.J. "Jay" Brodie, president of the BDC, said it will cost the city about $13.3 million to acquire properties and prepare the site before selling it to Cormony for the project.
Lewis is an equity partner in the project, which is being led by Cormony Development. Cormony has proposed to build a 600,000-square-foot office building, a 35,000-square-foot Greyhound terminal to replace one it will be displacing as part of the project, 100,000 square feet of retail and restaurant space, and a 100,000-square-foot sports complex. The site will also include The Ray of Hope Center, a mentoring center Lewis has been planning to establish in the city once he found the right location.
"When you're blessed, you've got to give back ten-fold, and (Lewis is) a great example to many of us," Dixon said.
Sam Polakoff, managing director of Cormony, said he believes the project will greatly enhance the look of the area, which leads into the city from the Baltimore-Washington Parkway and from an exit off I-95.
"We've been given the opportunity to completely reshape and refine the southern gateway into the community," Polakoff said.
With Dixon's endorsement, Lewis and Cormony will now work with the city to finalize details of the plan and come up with a formal agreement. Brodie said he hopes the project's office space will combine with other projects, including the redeveloped Montgomery Park site and Canton Crossing, to make Baltimore City an even stronger sell for companies considering moving into the region.
"This is not the old industry of Baltimore, this is the new Baltimore of the 21st Century and this is going to be the calling card," Brodie said.
Baltimore Business Journal - 2:18 PM EST Wednesday, March 7, 2007
by Daniel Sernovitz
Staff
Baltimore Mayor Sheila Dixon tapped a development team including Ravens linebacker Ray Lewis to turn an 11-acre site in the city's Carroll Camden section of southwest Baltimore into a $200 million redevelopment site with offices, a recreational sports complex and retail space.
"The effort that has been put forth to make this project come together is overwhelming," said Lewis, who added the chance to create a home for his youth mentoring center at the site was one of the prime reasons he opted to take part in the project. "I'm trying to bring education and recreation together, to really give our kids in our city true hope again."
At the recommendation of the Baltimore Development Corp., the city's economic development arm which voted in December to back the project, Dixon picked Lewis's group over five others that also submitted proposals. Dixon made the announcement during a press conference at city hall Wednesday afternoon.
"This gateway initiative is really going to touch on many components of what the city wants to see down the road in the future," Dixon said.
The project area, which the city is calling Gateway South, is on Russell Street south of M & T Bank Stadium, north of Interstate 295 and I-95, and east of the Carroll Camden Industrial Park. M.J. "Jay" Brodie, president of the BDC, said it will cost the city about $13.3 million to acquire properties and prepare the site before selling it to Cormony for the project.
Lewis is an equity partner in the project, which is being led by Cormony Development. Cormony has proposed to build a 600,000-square-foot office building, a 35,000-square-foot Greyhound terminal to replace one it will be displacing as part of the project, 100,000 square feet of retail and restaurant space, and a 100,000-square-foot sports complex. The site will also include The Ray of Hope Center, a mentoring center Lewis has been planning to establish in the city once he found the right location.
"When you're blessed, you've got to give back ten-fold, and (Lewis is) a great example to many of us," Dixon said.
Sam Polakoff, managing director of Cormony, said he believes the project will greatly enhance the look of the area, which leads into the city from the Baltimore-Washington Parkway and from an exit off I-95.
"We've been given the opportunity to completely reshape and refine the southern gateway into the community," Polakoff said.
With Dixon's endorsement, Lewis and Cormony will now work with the city to finalize details of the plan and come up with a formal agreement. Brodie said he hopes the project's office space will combine with other projects, including the redeveloped Montgomery Park site and Canton Crossing, to make Baltimore City an even stronger sell for companies considering moving into the region.
"This is not the old industry of Baltimore, this is the new Baltimore of the 21st Century and this is going to be the calling card," Brodie said.