BALTIMORE (WJZ) — Penn Station Partners announced Tuesday it has entered into a development partnership with Baltimore-based developer Ernst Valery.

Penn Station Partners said Ernst Valery “specializes in the investment and development of underserved urban communities in emerging real estate markets, promoting equity and inclusion.”

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The partnership will be focused on property redevelopment close to Penn Station once the current redevelopment project is underway at the train station.

“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.”

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Penn Station Partners is led by Beatty Development Group and Cross Street Partners, two Baltimore-based real estate development firms. The group said it aims to “realize value for Amtrak while strengthening the creative heart of the City.”

“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.”

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CBS Baltimore Staff