Baltimore officials are seeking a tax increment financing package totaling $102.3 million to help pay for a nearly $900 million redevelopment of a blighted area between Harbor East and Johns Hopkins Hospital.
The TIF would pay for some of the redevelopment of Perkins Homes, a public housing complex, the former Somerset Homes site, a new City Springs Elementary and Middle School, two new public parks, infrastructure and a network of roads and sidewalks in the community.
The massive redevelopment was first detailed in March by the Baltimore Business Journal. It would total $155 million in infrastructure improvements, $309 million in commercial and mixed-use development and $425 million in new housing, according to figures unveiled during a special meeting of the city Board of Finance on Monday.
A team of private developers that formed PSO Housing Co. will spearhead the project led by Beatty Development Group, St. Louis-based McCormack Baron Salazar; Cross Street Partners, the Henson Development Co., founded and owned by former city housing commissioner Daniel P. Henson III, and Mission First Housing, a low-income housing group based in Philadelphia.