June 07, 2002
BALTIMOREANS ARE a tough bunch to convince. Decades of decline and deterioration have made this a skeptical town. That's why yesterday's groundbreaking of Howard Street's Centerpoint, a 394-unit luxury apartment and retail complex, is so important.
The $71 million Centerpoint is the biggest and costliest project so far in the effort to pump new life into a retail and entertainment district that became a ghost town after three department stores deserted it. Centerpoint's developer is an out-of-town behemoth, Bank of America, which is putting its money and reputation on the line in pledging to complete it by 2004.
Also scheduled for 2004 completion is the $65 million Hippodrome performing arts center just across the street. Much of its funding comes from the state and private foundations. But a big chunk is from another out-of-town giant, Clear Channel Communications Inc. It is putting up $8 million in cash. It also pledges to cover possible operating shortfalls in its 20-year management agreement.
All this raises a question: Why is it that outside conglomerates so often seem to have more faith in Baltimore's future than do the locals?
Perhaps they are quicker to recognize that the odds are pretty good in Baltimore's ambitious west-side redevelopment gamble. Consider all the public funds that are being poured into the area. As key institutions like the University of Maryland, Baltimore - and its privately run medical system - keep growing, more territory is reclaimed from decay. Local private investors tend to be more cautious. But there are exceptions.
One is Milt Rosenbaum, a veteran merchant who is about to open a $1.5 million strip of stores at Eutaw and Saratoga streets. He is betting on more shoppers coming to the spruced-up retail district.
Lexington Market is making that bet, too. It is spending $4 million on improvements to jazz up its exterior and interior. It is also re-examining its whole operation - from tenant mix to business hours. This soul-searching is commendable. The 220-year-old Lexington Market can either be a catalyst for further improvement or a major impediment.
The market's 137 stall owners are pivotal players in determining the area's retail future. But unless the market can get rid of the hangers-about it tends to attract, it may slow down the area's overall improvement. With Leonard Jaslow, the long-time manager, retiring this summer, the daily running of the market - from security to sanitation - should be shaken up and improved.
With Centerpoint and Hippodrome construction under way, it doesn't take much imagination to see the possibilities ahead on the west side. That's why an image makeover is so important right now. Because if shoppers, visitors, university employees and students feel comfortable about the area, other Baltimoreans, too, may be willing to concede that west-side renewal is for real.
