Cross Street Market will get a $6.5 million transformation over two years thanks to a deal struck by Baltimore City and a real estate firm.
Real estate firm CSM Venutres LLC will contribute $4.5 million in capital to the Cross Street Market redevelopment plan. The Baltimore Public Markets Corporation and the city will contribute $2 million.
“I am proud of the public-private partnership with CSM Ventures to redevelop and manage the Cross Street Market. This management agreement is just one more step in my administration’s overall effort to improve our system of public markets in Baltimore city,” said Baltimore Mayor Stephanie Rawlings-Blake. “This partnership expands our efforts to promote the public markets as economic drivers for neighborhoods that provide quality, diverse food options for residents and visitors.
"CSM has a longtime commitment to Baltimore and clearly has the ability to deliver an incredible, transformative market that will serve as a community gathering space that meets the growing needs of the neighborhood.”
The management agreement has been submitted to the Baltimore Board of Estimates for approval at their meeting Wednesday.
Councilman Eric Costello supports the agreement.
“Revitalizing the Cross Street Market has been a goal for the community for many years. The market has tremendous potential and this partnership should provide much needed capital investments in the property. Doing so will help re-establish Cross Street Market as a vibrant, inclusive anchor for all neighborhoods on the South Baltimore peninsula,” he said.
Under the management agreement, CSM is entitled to generate revenue from the market's operation. The initial term of the agreement is for 15 years, with 7 renewal periods of 5 years each, for a potential total term of 50 years. CSM will take control of the market on Jan. 1
"In order for Cross Street Market to continue to serve as the centerpiece of Federal Hill and South Baltimore, it needs reinvention, renovation, and a dramatic infusion of new investment," said Kirby Fowler, Chairperson of the Baltimore Public Markets Corporation.