Business development in Baltimore could improve local economy

A strong local economy is often a draw for many potential homeowners. As more money filters into a metro area, businesses do well and employment levels. Consequently, those in the Chesapeake Bay area may want to consider looking into homes for sale in Baltimore. A number of potential business developments could lead to a strong economy and positive real estate market.

Here are three projects that could improve the local Baltimore economy:

1. Opening of Towson City Center. A new office tower housing approximately 500 workers will be opening on August 9, 2012, the Baltimore Business Journal reports. While Towson is considered the anchor tenant, others, including WTMD Radio, BusinessSuites, WMS Partners and Cunningham Kitchen, will move into the building. Located at 1 Olympic Place in downtown Towson, the building was vacant for nearly a decade before being purchased in 2012.

2. Mechanic Theatre redevelopment planned. A new development proposed for the old site of the Morris A. Mechanic Theatre could bring new business and a public transit entrance to the area. The $150 million plan would alter the corner of the building, which is located at the corner of Baltimore and Charles streets, the Baltimore Business Journal reports. Included in the project are a 30-story tower off Baltimore Street and a 24-story tower off Charles Street.

Opposition to the project revolves around the safety and development of one of the busiest intersections in the metro. However, architect Shalom Baranes has gone on record to say that all plans will take into account the issues at hand.

"I think their comments are absolutely on the mark about making sure the corner is strongly articulated, that it’s prominent," Baranes told the news source. “We haven’t worked on that part yet."

3. Group awarded casino license. Caesars Entertainment received approval for a $310 million casino near the M&T Bank Stadium in Baltimore. According to the Baltimore Business Journal, the state’s video lottery facility location commission unanimously voted to approve the project, which is expected to bring in 3,750 slot machines as well as restaurants along Russell Street. In addition, the two-story gaming venue will cover about 262,000 square feet and include a 4,000 space parking garage.

Check out the MLS listings in Baltimore to take advantage of these positive business developments.