BALTIMORE — Baltimore is poised to announce plans to spend up to $200 million on a new development project at the corner of College Avenue and Franklin Street, but that doesn’t mean the city won’t be looking for new jobs in the area.
Baltimore Mayor Joe Ganim and city staff are holding a press conference Wednesday morning to announce the city’s new proposal to develop the site, which has been vacant since the 1920s.
Ganim said the $200,000 plan to redevelop the site is designed to help revitalize the area around the city.
It’s a long-term vision for the city, he said.
The project will include a hotel, office space, residential units, restaurants and retail.
The new development will come at a time when the city has seen a steady decline in property values, according to a new report from real estate firm Cushman & Frierson.
Cushmon, which is based in the Maryland suburbs of Bethesda and Bethesda, has tracked real estate values in the Baltimore area for the past two decades.
“We’re seeing a steep decline in Baltimore property values,” said David M. Pimentel, managing director of Cushmans Baltimore &.
The number of properties for sale in Baltimore has fallen by 20% since 2008, the report says.
“This is the latest in a string of years where the market has seen strong price appreciation,” Pimentels co-author and senior vice president of Cushing, Pimentela and Associates.
In 2016, Cushmann &.; Frierson surveyed the properties for value and assessed them based on their historical and current use.
The survey found the median sale price was $831,000.
In 2016, property values for Baltimore and surrounding counties were estimated to be $2.5 billion.
The development plan calls for a 1,800-room hotel and a hotel-style apartments building.
A hotel-like apartments building is part of a larger development that includes a high-rise condominium complex, retail space, parking, a hotel and residential units.
The proposal would create at least 6,500 jobs, according the report.
In addition, the project would also generate $2 billion in new property tax revenue.
The city already has been working on a master plan to revamp the city center area.
Baltimore officials are working on another plan to create a mixed-use project that would also include a new hotel, residential and commercial development, as well as a hotel.
The proposed development would also add about 1,400 parking spaces, with 1,200 spaces planned for on-street parking, said Baltimore City Councilwoman Mary Pat Clarke, who is running for re-election.