Commercial real estate professionals from Frederick and beyond attended the 2016 Taste of Downtown Frederick Property Tour on October 20, 2016. Participants had the opportunity to tour Downtown Frederick and learn more about available office and retail properties, major City projects, and available programs to encourage rehabilitation within Downtown Frederick. The tour departed from City Hall and included a walking tour of Carroll Creek and the Downtown Frederick commercial district. Along the way, guests enjoyed sips and samples from a several of Frederick's culinary destinations.
The commercial broker community serves as a vital economic development partner. Brokers actively market Frederick as a business destination and often serve as the first point of contact in the Frederick community for prospective businesses.
3 Reasons Why Frederick Remains an Attractive Location for Business
- Quality of Life and Location - Frederick is a desirable location for residents and businesses to locate. Businesses locating in Downtown Frederick can enjoy funky and fun office spaces with exposed brick and original charm, while being a part of a vibrant and strategically located metropolitan area. Here are a few highlights:
- Two-thirds of the U.S. population is within a day's drive
- Within 50 miles of 3 international airports
- Close proximity to federal agencies
- Top 10 Best Downtowns (Livability.com, 2014)
- Well-educated - Nearly 40% of residents hold a Bachelor's degree or higher
- Award-winning public education system. All high schools rank in the top 10% National Challenge Index.
- Programs to encourage investment - Participants learned about the available tax credit and grant programs available to property owners and businesses to encourage investment and rehabilitation in Downtown Frederick, including:
- Facade improvement grant - In partnership with the Downtown Frederick Partnership and the Maryland Department of Housing and Community Development, eligible businesses may receive a 1:1 match on qualified exterior facade improvements. This program is also available along the Golden Mile and in the East Frederick area.
- Business personal property tax phase-out - In 2015, The City of Frederick adopted a 10-year phase-out of the business personal property tax. Additionally, manufacturers that have acquired new business personal property after January 1, 2015 may be eligible for a 100% tax credit.
- Vacant commercial rehabilitative tax credit - The credit encourages properties to be rehabilitated and placed back into active use. All commercial properties that have been vacant and marketed for at least 18 of the last 24 months prior to the start of rehabilitation are eligible for the tax credit. This rehabilitative tax credit can be claimed for 7 years.
- Historic preservation tax credits - Properties located within the Historic District may be eligible for tax credits on both City and County real property taxes.
- Business infrastructure - The City of Frederick remains committed to making investments in public infrastructure that are necessary to attract and retain private investment and business growth. Recent projects highlighted on the tour included:
- Carroll Creek Park - The multi-modal urban park project was completed in May 2016 (Phase II) and is expected to attract over $150 million in new private construction, hundreds of new jobs, and increased tax revenue.
- Downtown Frederick Hotel & Conference Center - The Marriott hotel will feature 207 rooms and 24,000 SF of meeting space and will serve as an anchor along Carroll Creek. The $84 million project will create 280 jobs (110 direct) and $26 million in annual economic impact.
- Wastewater Treatment Plan Upgrades - The plant upgrades ensure compliance with recent EPA mandates and will reduce nitrogen and phosphorus discharges to the Chesapeake Bay. This $51 million project (Phase II) will be completed by January 2017.
Looking For a New Business Space?
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