Acquisitions—Baltimore, Maryland

Clipper Mill

The Rose Smart Growth Investment Fund joined Struever Brothers Eccles and Rouse (SBER) in 2006 as 50% owners of the Clipper Mill mixed-use, transit-based community in Baltimore, MD. Developed by SBER, Clipper Mill comprises 141,000 square feet of former mill buildings that were converted into offices, rental apartments, artist studios, retail, and for-sale condos, the latter of which was not part of the Fund's acquisition.

Clipper Mill is highly accessible by mass transit to both retail and cultural destinations. The 14-mile Jones Falls bike and hiking trail system runs through the center of Clipper Mill and a light rail stop is situated at the entrance to the community. Two light rail stops north of Clipper Mill is a major shopping area, including Whole Foods, and two light rail stops south of Clipper Mill is a major arts and cultural center at the University of Baltimore and the Maryland Institute College of Art.

Clipper Mill's location, its adaptive re-use of existing buildings, and the Fund's commitment to green building management practices have attracted a wide variety of tenants to Clipper Mill including: Biohabitats, an ecological restoration group; Urbanite, a magazine about urban communities and culture; Coradetti Glass, an art glass studio and Woodberry Kitchen, a farm to table restaurant. The vibrant multi-disciplinary tenant base is committed to supporting the Clipper Mill community and in seeing the ownership's green goals carried out in day-to-day operations.

Selected Awards

  • Urban Land Institute Award for Excellence: The Americas
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“[Clipper Mill] is really the cutting edge of housing...My partner loves coming home from work to this house. Walking into the door at night is an antidote to the stresses of the day.”

Robert Kan

Clipper Mill Resident

Project Profile

Transit-oriented development and adaptive re-use of historic mill to: 58,000 square feet of office, 42,000 square feet of artisan space, 36,000 square feet of residential and 5,000 square feet of retail

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Project Status

Completion: 2006

Total Project Size / Budget
147,000 SF
$18.5 million