Penn Station Partners Enters Into Development Partnership with Ernst Valery
Penn Station Partners today announced that it has entered into a development partnership with Baltimore-based developer Ernst Valery. Valery is Founder & CEO of The Aequo Fund and Managing Member of SAA | EVI, a national development and placemaking innovation firm. Valery specializes in the investment and development of underserved urban communities in emerging real estate markets, promoting equity and inclusion. The partnership between Valery and Penn Station Partners will be focused on future opportunities for property development in close proximity to the station, once the current redevelopment project is underway.
"Penn Station Partners remains steadfastly committed to realizing the full potential of this station as a true anchor for the growth of the local community and the City of Baltimore," said Bill Struever, CEO of Cross Street Partners. “Ernst is a trusted member of the community who brings with him a wealth of experience and resources that will help us to carry out the future development around Penn Station in a manner that promotes equity and inclusion and creates true economic opportunity through job creation, workforce training, transit access, and more.”
“I look forward to working with Penn Station Partners on this exciting opportunity for Baltimore and all its people,” said Valery. “Ensuring the future diverse and equitable development around Penn Station is critically important to realizing our shared vision of a true mixed-use destination and inclusive community.”
Valery has extensive experience in affordable, workforce, and market-rate housing development and investment. He also has extensive expertise in financial structuring, including securing Historic and New Markets tax credits. For the past 20 years, he has been involved with development projects including mixed-use, multi-tenant rental properties, single-family renovations, and condominium conversions. Valery has successfully invested in and developed real estate in Maryland, Washington, D.C., Pennsylvania, Virginia, California, and New York.
