BALTIMORE — Today, a historic milestone was reached.
The long-awaited purchase of the shopping center by a group of community investors led by Lyneir Richardson, CEO and co-founder of Chicago TREND, has been completed.
After months of negotiation to lift overly restrictive historic covenants, the purchase was made by 200 investors.
Mayor Brandon Scott committed nearly $8 million to the project, slated for upgrades and capital improvements for the redevelopment.
“I am so grateful that Lyneir and the TREND team have led this effort by including the community’s voices, needs, and input every step of the way. After years of fighting to help change this shopping center's situation to no avail, we are finally able to pursue a redevelopment that will help bring 21st century facilities, good jobs, and national retailers to this neighborhood," Scott said.
The 200 local, small impact investors were brought together through a crowd-funding campaign led by TREND as part of their mission to pursue investments that catalyze urban retail development and build Black wealth through community-owned shopping centers.
Chicago TREND is a Black-owned commercial real estate investment company, with a mission to foster economic growth and commercial development to strengthen neighborhoods and communities of color.
The project is estimated to create about 900 construction jobs and 250 retail jobs.
This isn't the first time Chicago TREND has tried a crowdfunding campaign in Baltimore.
It launched a similar crowdfunding effort in 2021 to raise more than $330,000 for improvements at the Walbrook Village Shopping Center in West Baltimore.
