Building Vibrant Cities: MaryAnne Gilmartin’s Insights for Developers, Investors and Policy Makers
Feb 21, 2024
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MaryAnne Gilmartin discusses the Baltimore Peninsula project, urban development challenges in NYC, honoring unsung heroes in real estate, and the impact of AI on sustainable cities.
MaryAnne Gilmartin's Baltimore Peninsula project serves as a model for urban development with a strong emphasis on placemaking and stakeholder motivations.
Gilmartin highlights the need for innovative responses in NYC's real estate market, focusing on adaptive office spaces post-pandemic and navigating changing work environments.
Deep dives
Mary Ann Gilmarten's Bold Move to Rebuild Baltimore
Mary Ann Gilmarten, a renowned real estate developer in New York, made a significant decision to work on a transformative project in Baltimore. Despite her deep connection to New York, she was drawn to Baltimore due to its unique real estate assets, potential for growth, and the opportunity to engage in a groundbreaking public-private partnership. Collaborating with Kevin Plank of Under Armour and Goldman Sachs, Gilmarten embraced the challenge of revitalizing downtown Baltimore, a project spanning 235 acres, showcasing her team's expertise and resilience in tackling highly complex endeavors.
Challenges and Rewards of Building Ruby in Chelsea
Gilmarten's venture into the Ruby project in Chelsea highlighted her commitment to quality rental properties and honoring unsung heroes like Ruby Bailey. Facing the financial turmoil brought on by the pandemic, Gilmarten's dedication and strategic decisions, such as renaming and rebranding the project, demonstrated her resilience. By securing funding through non-conventional lenders like Madison Realty Capital, she overcame obstacles and contributed a unique residential offering to the market, showcasing her ability to navigate challenging circumstances.
Navigating New York's Real Estate Landscape
In discussing New York City's evolving real estate market, Gilmarten shed light on the intricate dynamics impacting office and residential properties. She emphasized the importance of adaptive office spaces post-pandemic and the challenges faced by class B and C office buildings. Gilmarten's insights underscore the need for innovative responses to capitalize on the changing nature of work environments and the city's real estate landscape.
Future Prospects and Industry Trends
Looking ahead to the future of real estate development, Gilmarten expressed a keen interest in AI's potential impact on the sector. By closely monitoring figures like Sam Altman, she anticipates significant disruptions and advancements in sustainability, infrastructure, and city life. Gilmarten's forward-looking approach reflects a focus on technology, sustainability, and global city development, envisioning a future marked by technological innovation and environmental consciousness.
Welcome back to the Thesis Driven Leader Series! In this episode, Thesis Driven editor and host Brad Hargreaves is speaking with one of the preeminent developers of our generation, MaryAnne Gilmartin. She’s known for building Brooklyn’s Barclays Center, Atlantic Yards, and the New York Times building, to name a few. And she’s now expanding beyond New York City to develop the Baltimore Peninsula - a 177 acre project which includes 14 million square feet of new development and 40 acres of publicly accessible open space.
In this interview, you’ll hear about the exciting details of her emerging new development on the Baltimore Peninsula as well as why this project is an excellent model for urban spaces - from the details of the master plan to the urban geography to the role of placemaking to the motivations of each stakeholder.
MaryAnne and Brad also discuss the current development environment in New York City. MaryAnne shares her thoughts about the policies and politics that have added headwinds to new housing construction and what the city and state need to do to dig out of the housing crisis. She also shares why she’s optimistic about the city and many New York politicians and why, ultimately, she’d still bet on NYC over any other city in the world.
This interview will be inspiring to any lovers of great real estate projects and development. MaryAnne has a wealth of insights on what it takes to thrive (and survive) as a developer and what key elements make a project valuable and promising. She has a palpable passion for cities and creativity and vision for the future of the built world.
Excited to see you on the next episode of the Thesis Driven Leader Series - till then, check out the Thesis Driven weekly newsletter at https://www.thesisdriven.com
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