Cross Street Market in Federal Hill is poised for big changes under new management.
The city announced a deal with a subsidiary of developer Caves Valley Partners on Monday. CSM Ventures will oversee a $6.5 million redevelopment of the public market between Light and Charles St. Under the deal, CSM Ventures will also manage the market. It has to be approved by the Board of Estimates on Wednesday.
The renovation is set to take place over the next two years, with CSM taking control at the beginning of 2017, according to the mayor’s office. The firm will pay rent to the city to the tune of $10,000 per month.
Leaders have long wanted to upgrade the market.
“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,” stated Kirby Fowler, Chairperson of the Baltimore Public Markets Corporation.
The project was initially a partnership between Caves Valley and Scott Plank’s War Horse firm under a proposal that said it could become the “Next Belvedere Square.” However, War Horse parted ways on the project earlier this year. Caves Valley Partners is also redeveloping nearby Stadium Square and owns 1111 Light St. across from the market.
We’ll have updates as specific plans become available.