On Tuesday evening, March 3rd, the lights came on the historic marquee of Baltimore’s Centre Theater. The 67,000 square-foot building, located on North Avenue in the emerging Station North Arts and Entertainment District, sat vacant for years. But soon it will be the glimmering new home for the film programs of Johns Hopkins University and Maryland Institute College of Arts. In addition it will house a restaurant and a collaborative workspace for non-profits, businesses and entrepreneurs.
This $18 million redevelopment project would not be possible without a number of financial partners. However, ACT is proud to have provided one of the very first investments—a $50,000 predevelopment loan to the developer, Jubilee Baltimore. ACT’s loan allowed the property to be purchased at auction and the developer to prepare a winning proposal to secure $3 million in state historic tax credits. This was critical to making the project happen when it was not clear whether the Centre was going to become a reality. Not only did we invest in the project, our Advisory Board member Amy Bonitz served as development consultant, and soon ACT is going to be moving our offices into the Centre—a long-term commitment to the future of the project and its community.
ACT focuses on building social impact by making early investments, partnering in the preliminary stage of nonprofit development projects, and providing sweat equity and advisory services—all focused on helping our partners make their visions become reality. The Centre is a success story for how we can sustainably reinvest and revitalize for a sustainable and resilient future. We are proud to have played a key part in it.