Mayor Scott, Lyneir Richardson Celebrate Completed Purchase of the Historic Edmondson Village Shopping Center
Wednesday Aug 16th, 2023
FOR IMMEDIATE RELEASE
BALTIMORE, MD. (Wednesday, August 16, 2023) - Today, Mayor Brandon M. Scott and Lyneir Richardson, CEO and Co-Founder of Chicago TREND, released the following statement highlighting the completed purchase of the prominent Edmondson Village Shopping Center in West Baltimore. After months of negotiation and persistent work to lift overly restrictive historic covenants, the purchase was made by a group of over 200 community investors, led by Lyneir Richardson.
Recognizing public support was necessary to the project, Mayor Scott committed nearly $8 million to the project, slated for upgrades and capital improvements for the redevelopment. Baltimore City’s investment in Edmondson Village Shopping Center was part of a $9 million Supplementary General Fund Capital Appropriation split between the Edmondson Village project and another redevelopment effort at Walbrook Junction Shopping Center, which TREND purchased in 2021.
“Opening this door to the next era of the historic Edmondson Village Shopping Center’s future was a community effort through and through,” said Mayor Brandon M. Scott. “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. Baltimore is fortunate to have a partner who continues to prove his commitment to the residents who will be most impacted every single day. With this new ownership, we’re entering a new day for this community in West Baltimore.”
“We are excited to have achieved this milestone. The multi-year, multi-phase transformation and investment in this historic shopping center will ultimately provide the Edmondson Village community with access to a modern shopping center with high quality goods, services, and amenities,” said Lyneir Richardson. “We will be intentional in our efforts to attract national retailers, support local entrepreneurs and Black-owned businesses, creating jobs and improving site security. We want to restore the sense of pride many Edmondson Village residents once felt about the shopping center. People who come to shop at Edmondson Village will now know that local folks are now co-owners of the shopping center, and together, we all have a responsibility to patronize, protect and respect our community asset."
“The sale of the Edmondson Village Shopping Center, and planned multi-million dollar renovation by Chicago TREND, is a transformative investment that’s long overdue,” said Councilman Kristerfer Burnett (District 8). “I’m thankful for the partnership with Mayor Brandon Scott’s Administration, Lyneir Richardson of Chicago TREND, and the countless community leaders who stepped up to bring this to fruition— it couldn’t have happened without the collaborative effort of community, business, and government working together. Now the real work begins, and I’m looking forward to seeing the Edmondson Village Shopping Center be restored to its former glory.”
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. Over 40 percent of the investors are from Baltimore City, and over 70 percent are from the state of Maryland, with an average investment size of $2,200.
Chicago TREND anticipates the redevelopment will bring 900 construction jobs and 250 retail jobs to the community.