The Baltimore Development Corp. recommended the city use parking revenue bonds to back the proposed 1 Light St. mixed-use development.
BDC recommended that the city use the parking bonds to help finance the project, which is being built by Metropolitan Baltimore LLC. The developer is also building a mixed-use development at 10 Light St.
The proposed project at 1 Light St., which is currently a parking lot, would involve building 362 apartments, 10,000 square feet of retail space and 664 parking spaces. The nearby 10 Light St. project, as planned, calls for 430 apartments and 38,000 square feet of retail. But that project has no parking associated with it so residents and customers would be able to use parking at 1 Light St.
Although the BDC recommended the parking bonds be used, the final decision on whether to use public dollars for this project will be determined by the city. A staff members said the 1 Light St. project is expected to cost about $110 million. But a staff member said the amount of public funding being sought for the project is unknown.
According to data from the BDC, the project is expected to create $28.7 million in taxes over the next 20 years, create 982 construction jobs, 30 permanent jobs and draw 543 residents.