NIIF Investments

Group led by Central Baltimore Partnership Acquires North Avenue Market

A consortium of partners led by the Central Baltimore Partnership, the Central Baltimore Future Fund, and Twenty-Two Lanes Development has acquired the North Avenue Market, a prominent, 100 year old landmark that has sat underutilized in Station North.  Working collaboratively with the sellers, the new owners are seeking to accelerate activity at the iconic building while working toward a full redevelopment in the coming years.  “Our aim is to foster an environment conducive to artistic experimentation, creativity, and serendipitous encounters – the very essence of innovation and collaboration,” said Ellen Janes, Executive Director of Central Baltimore Partnership. In the meantime, the building will be activated with tenants that allow the owners to test concepts that could be part of the future development. Current tenants include Mobtown Ballroom & Café, The Club Car, Baltimore Youth Arts, and Currency Studio.

Originally opened in 1928, the building served as Baltimore’s largest privately-owned market complete with retail shops, grocery vendors, and a 22-lane bowling alley.  However, economic turbulence throughout the middle of the century and a six-alarm fire in 1968 ended its run. While portions of the 57,000 square foot building have served a variety of uses over the decades since, most of the storefronts have sadly sat vacant.

The full redevelopment is expected to cost roughly $30 million of which $4.78 million has been awarded through Maryland’s Historic Tax Credit program.

NIIF was proud to support this transaction with a $1.69 million acquisition bridge loan. Additional funding for the $3.25 million acquisition came from the State of Maryland, Johns Hopkins University, and the seller.