Mark Renbaum, the chief executive officer of the Baltimore-based real estate company Schwaber Holdings and managing partner of MLR partners, has partnered with Morgan State University for the redevelopment of the Northwood Shopping center.
“The economic impact is quite significant,” Renbaum said. “There are so many different companies that will touch this project, whether its design, engineering, demolition, electric, etc.”
There is a multi-economic impact about what new developments takes place on the construction level. This project is a 50-million-dollar redevelopment investment.
The new construction will bring in new retailers and a larger selection of stores, spurring economic activity in the Morgan community as well as the community surrounding the campus. A new Office of Public Safety will also be built.
“You have these new businesses that will have an ongoing economic impact on everyday life. There’s a lot of dollars right now that are not being spent at Northwood because there is not a lot of great selection there. But when there is, there will be a lot more interest.”
Renbaum is optimistic about the economic impact the project will contribute to the community.
“It’s like a domino effect. Morgan invests in its campus. We are then spurred to reinvest in the shopping center, and then all the folks that live around these amenities, they are going to want to do the same thing themselves,” Renbaum said.
When asked if he would work with Morgan again, Renbaum said that “working with Morgan has been a great experience. So, yes. A resounding yes.”