Westport Waterfront

Baltimore, Maryland

Project Type :

  • Financial Analysis
  • Market Analysis

Product Type

  • Retail/Lifestyle Entertainment Center

Development Concepts

  • Brownfield
  • Town Center

The Challenge

RCLCO conducted economic and real estate market analyses to determine the feasibility and optimal development program for the redevelopment of a waterfront oriented brownfield site near Baltimore’s Inner Harbor into a mixed-use town center development. The project was conceived before the Great Recession of 2008-2009, and the client wanted to understand how the market had changed, and what was realistic in light of current and likely future economic and real estate market trends.

Solution

RCLCO identified market-driven demand for office, residential (both for sale and rental), office, hotel, retail and entertainment uses, incorporated into a vibrant pedestrian-oriented vertical mixed-use development. Critical to the analysis was gaining an understanding of pending BRAC relocations in the I-95 corridor and the impact these moves could have on both housing and office at the subject property.

RCLCO also used a pro forma analysis for the development to optimize the development program and assist the client in understanding the financial implication of various alternative development scenarios.

Impact

RCLCO’s analysis indicated that the value of the project would be greatly enhanced by adopting a lower density, predominantly residential-driven development that could be delivered sooner at a lower cost compared with the original development program that was primarily office and hotel driven and required expensive underground parking which could not be supported in the market for many years into the future.

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