Baltimore business owners are facing challenges as the collapsed Francis Scott Key Bridge is cleared, causing disruptions to the local economy. Alex Del Sordo, owner of the Hard Yacht Cafe, is concerned about stabilizing costs and keeping his employees working during this difficult time. The closure of the bridge has impacted businesses in the historic Dundalk neighborhood, which rely on the Port of Baltimore for their operations. The Army Corps of Engineers plans to open limited access channels to accommodate traffic, but the full reopening of the port is not expected until later this year.
The port plays a crucial role in the local economy, with an estimated 20,000 jobs tied directly to its operations. The closure of the bridge has resulted in lost shipments and revenue for businesses like BTR Logistics, which is now trying to reroute cargo to other ports on the East Coast. While the city is offering relief funding to affected businesses, the impact of the bridge collapse is expected to be felt for some time. However, experts like Colin Tarbert of the Baltimore Development Corporation are confident that businesses can adapt and continue to operate through alternative routes.
President Joe Biden has pledged support for the recovery effort in Baltimore, emphasizing the importance of rebuilding the bridge as quickly as possible. The city’s commercial real estate sector does not anticipate lasting fallout from the bridge collapse, with experts like Jim Chivers of Gold and Company remaining optimistic about the area’s long-term prospects. Despite the short-term challenges, there is still strong demand for industrial real estate in Baltimore, indicating resilience in the local economy.
Overall, Baltimore business owners are hopeful that the disruptions caused by the bridge collapse will be short-lived. While the closure of the bridge has affected operations at the Port of Baltimore and businesses in the surrounding area, there are efforts underway to reopen channels and support affected businesses. With support from state and federal authorities, the city is working towards rebuilding the bridge and ensuring that the local economy can recover. Despite the challenges ahead, there is optimism that Baltimore will bounce back and continue to thrive in the long run.
