COLLEGE PARK, Md. – The Maryland Clean Energy Center (MCEC) today announced the closing of a $15,750,000 Property Assessed Clean Energy (PACE) transaction, in partnership with Bayview PACE, to fund comprehensive energy-efficient modernizations at The Plaza. The historic downtown Baltimore high-rise, originally constructed in 1901 as an office building at One Calvert Plaza (201 E. Baltimore Street), is being converted into sustainable student housing.
The redevelopment aligns with an ongoing revitalization trend in Baltimore’s central business district, where older commercial assets are repurposed into high-density residential housing. The transformation of The Plaza took on heightened significance following a newly approved master lease agreement by the Morgan State University Board of Regents and the Maryland Board of Public Works. Beginning August 1, 2026, the building will provide 254 beds serving both undergraduate and graduate students, marking a major milestone in the university’s strategy to manage consecutive years of historic enrollment growth.
“This project represents exactly how green bank financing serves as a catalyst for both economic development and environmental stewardship,” said Kathy Magruder, Executive Director of the Maryland Clean Energy Center. “By utilizing the Commercial PACE structure, we are enabling the preservation of a historic Baltimore landmark while ensuring it operates at peak energy efficiency. It is a win for the city’s revitalization efforts, a win for climate goals, and a direct investment in the infrastructure supporting higher education success.”
The $15.75 million in financing will support a suite of modern sustainability measures, including:
- High-efficiency LED lighting
- Heat pump HVAC systems
- Enhanced roof insulation
- High-efficiency domestic hot water systems
- Low-flow water fixtures throughout the building
According to an independent energy assessment, these upgrades are projected to reduce the building’s overall energy consumption by 13.1% compared to baseline code requirements. The improvements will save approximately 209,520 kWh of electricity annually, conserve nearly 300,000 gallons of water per year, and avoid 149 metric tons of CO₂ emissions annually.
Over the 26.2-year weighted average useful life of the installed systems, the project is estimated to generate $42,280 in annual utility savings, accumulating more than $1.67 million in total lifetime financial savings.
Through this combination of historic adaptive reuse, clean energy modernization, and a long-term institutional housing commitment, The Plaza is being successfully repositioned as a sustainable residential asset that furthers municipal environmental goals and supports the evolving infrastructure needs of the student population.