Charles Street Resurrection
Midtown Charles Street from Mount Royal to the monument has always been a very walkable, activated part of the corridor. Lately it is looking rough.
A lot of empty storefronts on North Charles lately: 1301, 1212, 1209, 1207, 1201, 1120, 1106. We lost XS Sushi. Crust By Mack flaked. The Starbucks and Petvalu are gone. In fact much of the remaining retail on the 1200 block—Smoothie King, Subway—are nearing expiration. Thai Landing has landed in Belvedere Square. Hotel Ulysses is looking lost at sea. Eddies is officially never coming back, Reddit rumors swirl that GrilleTwelve24 is closed for good. If anyone still remembers Dionysus Lounge, that building has been vacant for 13 years.
And last week, a true heartbreaker, we unexpectedly lost the Brewers Art.
A big factor is declining enrollment at University of Baltimore and MICA — particularly UB, which treated these blocks as part of its urban campus. The relocation of State Center offices likely reduced foot traffic. Remote work and reduced-in office work has weakened the whole central business district, as it has nationwide.
The timing is unfortunate because both Penn Station and State Center rely on a functioning retail corridor to underwrite their own ambitions. Penn Station developers are revisiting their construction costs. It raises an uncomfortable question: does this area really need more retail?
Landlords are on a journey of price discovery. Consider these three locations, merely feet apart from each other:
The Starbucks on Preston was reportedly paying close to $40 per square foot before they closed.
Across the street, 1212 N Charles is seeking $25.00 per square foot.
Directly across the street, a newly opened Hangry Joes is paying $17.50 per square foot.
The landlords able to adapt to falling rents will find new tenants. We’ve seen some new arrivals: Da Hangout, Hangry Joes, a Vietnamese noodle shop, two vape shops. There is a liquor license pending for a restaurant at 1301. Not to mention recent projects adding retail like Olivia Coffee and Roggenart Bakery.
Other properties will stay vacant for awhile. See this article for a nice summary on why vacancy hangs around. Eventually some real estate is going to change hands, and we can get back to opening stores. Raise a glass of Resurrection and drink to that.