February 23, 2016

Talks to Renovate Baltimore’s Cross Street Market Extended for the Third Time

For Baltimore locals wondering, curious about the status of redevelopment intended to improve and enhance the local-favorite Cross Street Market, negotiations are still underway.

Arthur Adler, managing partner for the Caves Valley Partners (with partner War Horse LLC), the Towson-based company proposing to upgrade the market located just a short walk from your Inner Harbor condo, told Baltimore Business Journal earlier this month, “We are working on the numbers.” Talks, which began last summer, are ongoing, and have recently been extended for the third time, through the end of the month. Caves Valley Partners and War Horse LLC were granted exclusive negotiation rights last year, and proposed to upgrade and redevelop the aged, and in some places decrepit, facility that was built in 1952.

The building runs the length of Cross Street between Light and Charles Streets near Baltimore’s Inner Harbor, was constructed in 1952, and is beginning to fall into disrepair. Working together with the city — which will retain ownership of the market — Caves Valley Partners and War Horse LLC, with a clean and modern new design from BCT Architects, hopes to soon get started on a project that would slice the market into three sections with new pedestrian streets, additional windows, and a working greenhouse and crab deck on top.

Redone and fully leased, the market could generate $10.9 million in annual sales, 39 full-time jobs, and estimated rental revenues near $1 million after 10 years, according to an analysis commissioned by the developers.

Caves Valley Partners is also developing a project called Stadium Square, a $250 million mixed-use development located close to the Cross Street Market in Federal Hill.