baltimoresun.com

« High-tech house hunting | Main | Real estate poll: Baltimore-area asking prices »

May 16, 2009

State Center project: New developer, but no go?

Maryland replaced Struever Bros. Eccles & Rouse -- which is dealing with debt woes -- as the lead developer for the reimagining of the State Center complex in Baltimore. But state officials are now wondering aloud whether this recession is really the time to redevelop their offices.

Treasurer Nancy K. Kopp says the state could top its debt limit within a decade if it goes forward with the $1.4 billion mixed-use project, Laura Smitherman and Lorraine Mirabella report. That touched off a debate about what's better -- spending money to help the economy or saving at a time when the state budget requires further cuts.

One side:

"We see this whole project as an economic stimulus when this economy really needs this kind of private investment," said Michael A. Gaines, a project manager at the Maryland Department of General Services. ... Gaines said more than 60 percent of the project's capital costs would be borne by private developers, and that the state has time to back out of the deal.

And the other:

"If we think we're going to go into a long depression, it would be kind of stupid to do such a development," said Sen. David R. Brinkley, a Frederick County Republican.
Posted by Jamie Smith Hopkins at 9:56 AM | | Comments (0)
Categories: New developments
        

Post a comment

All comments must be approved by the blog author. Name-calling aimed at other commenters is not welcome here. Please do not resubmit comments if they do not immediately appear. You are not required to use your full name when posting, but you should use a real e-mail address. Comments may be republished in print, but we will not publish your e-mail address. Our full Terms of Service are available here.

Verification (needed to reduce spam):

About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
-- ADVERTISEMENT --

Most Recent Comments
Baltimore Sun coverage
Baltimore Sun Real Estate section
Archive: Dream Home
Dream Home takes readers into the houses of area residents who have found their ideal home.
Sign up for FREE business alerts
Get free Sun alerts sent to your mobile phone.*
Get free Baltimore Sun mobile alerts
Sign up for Business text alerts

Returning user? Update preferences.
Sign up for more Sun text alerts
*Standard message and data rates apply. Click here for Frequently Asked Questions.
  • Sign up for the At Home newsletter
The home and garden newsletter includes design tips and trends, gardening coverage, ideas for DIY projects and more.
See a sample | Sign up

Charm City Current
Categories
Stay connected