The Housing Authority of Baltimore City plans to carry out a $1 billion redevelopment of about 200 acres in East Baltimore, the Baltimore Business Journal reported.
The housing authority will collaborate with a number of private developers, including Beatty Development Group LLC, McCormack Baron Salazar Inc., Cross Street Partners LLC, Henson Development Co. and Mission First Housing.
The project will cover the area between Harbor East and Johns Hopkins Hospital and would include demolition of more than 1,300 public housing units and City Springs Elementary/Middle School at 100 S. Caroline St., the report said.
Work on the project could begin in 2018, subject to the awarding of a $30 million federal housing grant to the housing authority, according to the publication. The authority made an application in November last year for a Choice Neighborhoods grant to cover a portion of the project.
The remaining expenses will be covered via federal, state and local grants, a tax increment financing package of at least $250 million, and private equity and mortgages, the report added, citing a spokeswoman for the housing authority and another source close to the plans.
Overall, the project will see the development of 2,500 units, a park, a new City Springs school, and additional office and retail space, the report said.