Caves Valley Partners Plans $250 Million Project to Revitalize Area around M&T Bank Stadium

Caves Valley Partners plans to pump in $250 million to revitalize the area around M&T Bank Stadium, adding office and retail space, apartments and much-needed parking spaces, the Business Journal reported.

The project in Sharp-Leadenhall will transform three blocks along Cross and Ostend streets near the stadium, the report said.

Caves Valley partner Arsh Mirmiran told the Journal the site was chosen both for its proximity to M&T Bank Stadium and access to transportation. The three blocks have quick access to MARC, light rail, the Charm City Circulator, Baltimore-Washington Parkway and Interstate 395, the report said.

This is the type of smart growth, transit-oriented project that can significantly enhance the quality of life of our surrounding communities, City Councilman William H. Cole IV said in a statement.

Providing a significant boost to parking a complaint of virtually everyone in the area further illustrates that this is a well-conceived plan, he added.

The project seeks to add 300,000 square feet of office space to the Stadium Square, nearly doubling the total amount of office space in nearby Federal Hill. The Stadium Square section alone is expected to create about 1,200 permanent jobs and between 800 and 1,000 construction jobs.

Elsewhere, the project plans to add several hundred apartments; between 60,000 and 70,000 square feet of retail and 2,000 parking spaces; a new community center on the Leadenhall Baptish Church property and a broadband services center to support businesses.

The decision to improve broadband access to the project indicates Caves Valley is anticipating heavy demand from tech companies in the project, the Journal said, adding that Baltimores neighborhoods surrounding the Inner Harbor are favored by tech firms large and small because they contain uncommon office spaces and provide employees access to neighborhood-focused amenities.

Caves Valley previously developed 1111 Light St., home to Red Owl Analytics and Betamore.

Read the Business Journal article here.

See original here:
Caves Valley Partners Plans $250 Million Project to Revitalize Area around M&T Bank Stadium