After nearly six years of planning, developer Dave Holmes' $50 million retail and residential development in Fells Point will break ground in January.
The retail portion of the project consists of about half fashion boutiques that target women, along the lines of yoga wear company
Lululemon Athletica that recently opened a showroom in
Fells Point.
"We are in the final stages of wrapping up a lot of requirements before we put a shovel in the ground," Holmes says.
Holmes is looking forward to finally getting the project underway after "dozens" of start dates.
"Which each passing start date we get better at closing in on a timeframe," Homes says.
The approximately 30,000-square-foot of retail will also include children's clothing shops and boutiques selling shoes, purses and other fashion accessories. Holmes and partner Daniel Winner also expect a shop selling lotions and makeup along the lines of the Body Shop. (But no, they're not talking to the Body Shop, Holmes says).
The site will also contain 160 residences, mostly one-bedroom apartments for rent designed to appeal to young professionals who want to live in a bustling part of the city and be close to Interstates 95 and 83.
Holmes says rental rates for the apartments have not yet been set. But since the project is a couple of blocks from the water, the rental rates won't be quite as high as tony waterfront apartments like the Eden in Harbor East, where a 900-square-foot one-bedroom with water views can cost around $2,000 per month.
The Marketplace at Fells Point includes a renovation of the Broadway Market food stalls, totaling around 20,000 square feet.
Writer: Julekha Dash
Source: Dave Holmes, Marketplace at Fells Point