MacKenzie Selected as Exclusive Broker for Retail Portion of New Multifamily Redevelopment in Baltimore City
Earlier this year, Vivo Investment Group acquired the Radisson Hotel Baltimore Downtown-Inner Harbor and Holiday Inn Baltimore Inner Harbor, and revealed plans to convert properties to more than 700 apartments
MacKenzie Commercial Real Estate Services, LLC has been selected by Vivo Investment Group as the exclusive leasing broker for the retail portion of a new multifamily redevelopment scheduled to deliver in Baltimore City in second quarter 2024. Earlier this year, the El Segundo, California-based company acquired two hotels – the Radisson Hotel Baltimore Downtown-Inner Harbor and the Holiday Inn Baltimore Inner Harbor – and subsequently revealed plans to convert both projects into a new multifamily development supporting 708 apartment homes. Approximately 30,000 square of ground level retail and restaurant space remains part of the redevelopment plan. Mike Ruocco, Senior Vice President & Principal and Tim Harrington, Real Estate Advisor are overseeing the assignment.
The “hotel upcycling” projects are located at 101 W. Fayette Street and 110 W. Baltimore Street and, according to Vivo Investment Group, will feature moderately-priced rents that are expected to be approximately 10% to 20% lower than what are currently available in the downtown submarket. This is the first project for Vivo Investment Group in the Maryland region, which is active in 12 states.
“The places where people live now function as their workspace and entertainment center in many cases, so having on-site or walkable amenities adds convenience and improves the quality of day-to-day living,” stated Mike Ruocco of MacKenzie Commercial Real Estate Services. “The existing retail spaces within the two towers offer several second generation and turn-key restaurant and café spaces that can be retrofitted to support new concepts. We are targeting several under-served uses including a ghost kitchen, commissary, daycare center, quick serve restaurant and convenience store to serve the daytime business community and nearly 100,000 residents contained within a 1.5 mile radius. Other categories we intend to pursue include a boutique fitness facility or entertainment concept.”
Nearly 50,000 households, with an average household income approaching $100,000, are contained within a 1.5 mile radius of the site and the daytime population is nearly 200,000. The location is within walking distance to Baltimore’s Inner Harbor and its array of sit-down and fast-casual restaurants, the Baltimore Convention Center, Oriole Park at Camden Yards, M&T Bank Stadium and CFG Bank Arena.
“A number of out-of-town and local development groups have recently invested significant resources in Baltimore City, signaling the next renaissance of the downtown area, and this redevelopment effort will accelerate and add energy to this process,” stated Tim Harrington of MacKenzie Commercial Real Estate Services. “The availability of compelling retail and restaurant amenities is a critical component for successful real estate projects and we are determined to attract best-in-class retailers that brings value and elevates the quality of lives for people living and working downtown.”
“Vivo Living Baltimore will bring something that has eluded the Downtown/Inner Harbor market to this point, namely amenity-rich and naturally occurring public housing,” stated Joseph Soleiman, Principal, Vivo Investment Group. “With such a meaningful number of attainably priced residential units coming online, the landscape of this neighborhood is poised to progress with new retail, restaurant and bar/lounge concepts sure to follow the trailblazing neighborhood denizens. We are super-thrilled to be part of the Baltimore renaissance.”
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates six full-service divisions addressing all real estate asset classes including MacKenzie Management Company, LLC, MacKenzie Contracting Company, LLC, MacKenzie Capital, LLC, MacKenzie Investment Group, LLC and MacKenzie Multifamily Management, LLC. The company provides customized real estate solutions for institutional owners, investors, private companies and individuals. For additional information, visit www.mackenziecommercial.com
