Harborplace plans revealed: A luxury hotel and $7,000 rents - The Banner

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MCB Real Estate’s $820 million Harborplace plan features luxury hotel rooms, high-rent apartments, and upscale office and retail space, backed by a possible $366 million tax break.(Kylie Cooper/The Banner)

MCB Real Estate’s ambitious plan to remake the Inner Harbor, with some of Baltimore’s priciest apartments and office space, may struggle to attract investors even if it is awarded one of the largest tax breaks in city history, according to a confidential report commissioned by the Baltimore Development Corp.

The report, meant to show city officials how a property tax abatement would impact the Harborplace project’s financial viability, provides the clearest picture yet of what MCB wants to build and how much it will cost.

The BDC, Baltimore’s quasi-governmental economic development arm, received the report in August before it gave preliminary approval to a tax break that the report’s authors estimate could save MCB up to $366 million in property taxes over 25 years. The Board of Estimates, the city’s spending board controlled by Mayor Brandon Scott’s office, could give final approval to an incentive package for Harborplace by the end of the month.

The report, reviewed by The Banner, lays bare the financial realities facing the Inner Harbor redevelopment. And it reveals how the project has changed in scope since MCB cofounder P. David Bramble, alongside Scott and Gov. Wes Moore, first [unveiled his plans three years ago](https://www.thebanner.com/economy/growth-development/harborplace-developer-design-plans-E2XBQBIQX5FGXPUHHO5P2OKVPU/).