The operator of the
has tapped Chesapeake Real Estate Group LLC
as the lead developer for a $4.2 million renovation and expansion of one of the historic neighborhood’s key attractions.
Construction will begin in September on a new, 4,295-square-foot building at the market’s south end in what is now a parking lot. At that time, Chesapeake Real Estate will also begin renovating the 6,500-square-foot building on the north side of the market and lease the mostly empty building. The project will wrap up summer of 2014, says Chesapeake Real Estate Partner Richard Manekin.
The company is talking to prospective fast casual restaurant owners and food vendors about leasing space and expects to finalize deals within the next four to five months, Manekin says.
The Baltimore Public Markets Corp.
is a nonprofit that operates and leases food markets from Baltimore City. But under the new agreement with Chesapeake, the real estate firm will sublease Broadway Market and pay the nonprofit a portion of its revenues. Chesapeake signed a 40-year sublease with a 25-year option for renewal. The Baltimore City Board of Estimates approved the deal earlier this month.
The Broadway Market expansion and renovation was originally part of the massive Marketplace at Fells Point development until last year. That’s when Massachusetts firm the Dolben Co. acquired the rights
to lead the construction of the new apartments and retail from Dave Holmes of South Broadway Properties LLC. Holmes remains a partner and investor in the Broadway Market makeover, though he is not the lead developer.
Holmes says he partnered with Chesapeake because he didn’t want the already delayed project to stall any longer.
Casper Genco, executive director of the Baltimore Public Markets, says he thought it made sense to choose a developer that could invest in the market so it can keep pace with Marketplace at Fells. Dolben is readying the first phase of retail and apartments
for completion next summer.
“The Baltimore Public Markets doesn’t have the resources to do that,” Genco says of the Broadway Market renovation and expansion.
Chesapeake Real Estate has leased the Bagby Building, Canton Crossing and other developments.
Writer: Julekha Dash
Sources: Casper Genco, Baltimore Public Markets; Richard Manekin, Chesapeake Real Estate; Dave Holmes, South Broadway Properties LLC