Edward V. Giannasca II, the president and chief executive officer for L.I. Square Corp., is handling sales and development of the Residences at the Ritz Carlton Inner Harbor. The Residences will include 97 waterfront condominiums along Key Highway, just west of Harborview. I believe there is enough quiet wealth in town to absorb this offering. Cause and effect Like the other planned projects, the Residences is expected to draw suburbanites, who typically like service businesses and stores near their homes. To bring an operator of this stature gives the entire market a boost.
Retailers generally look for a large residential base with earning power before settling on a city.
Downtown Partnership is conducting a housing market study to assess the need for additional residential building. At the same time, the economic development organization is interviewing organizations to undertake a retail study, which would further identify the demand for downtown stores based on population, Whelley said. The Federal Hill Main Street program, which is spearheading the revitalization of the downtown neighborhood, is taking similar measures. The organization is planning to survey residents later this year to determine exactly what kind of businesses they want near their residences. And, a difference is what revitalization specialists, economic development officials and developers hope to gain.