Baltimore stands at a pivotal crossroads, with opportunities abounding like never before. Statewide elected leaders are aligned with the vision that a strong Baltimore makes for a stronger Maryland. Citywide leaders, emboldened by recent primary elections, understand the art of the possible. And our business community is prepared to lead on affordable housing initiatives, technology investment and new infrastructure planning.

We have a unique moment in time to seize this energy, harness the momentum and learn from history to invest in a stronger tomorrow.

Baltimore’s Inner Harbor has seen better days. Visionary leaders like Mayors Theodore McKeldin and William Donald Schaefer once transformed run-down industrial shipping warehouses into a vibrant destination, Harborplace. Designed to be the city’s crown jewel, Harborplace was a place where history met modernity and commerce met culture, all against the backdrop of the shimmering Patapsco River.

Today, Harborplace shows the effects of being neglected, abused and overlooked by out-of-town investors. The once-bustling hub now sits as a nearly empty mall, a shadow of its former self. It isn’t a vibe anymore — it’s just two aging buildings.

At its core, Harborplace has the potential to be far more than just a shopping and dining destination; it can serve as a catalyst for economic growth and urban vitality. The proposed Park at Freedom’s Port, with its green spaces, large amphitheater, and new promenades, is designed to create a dynamic venue for community gatherings and cultural events. Far from privatizing public land, the plans from MCB Real Estate aim to strike a balance between public benefit, accessibility and commercial vitality.

Transforming Harborplace into a bustling, dynamic environment will stimulate Baltimore-grown businesses, attract new investment and bolster tourism. This, in turn, will enhance public access to the waterfront from downtown and showcase Baltimore’s natural beauty. Business leaders are working with local and state officials to make downtown more pedestrian-friendly and better link the stadium district to Harbor East.

Baltimore cannot afford to sit and wait while the world changes around us. We can’t be held back by outdated zoning restrictions that limit economic growth opportunities. For the city to compete effectively on a regional and national scale, we must bolster our economy. A revitalized Inner Harbor and reimagined Harborplace will inject new life into our businesses, generating job opportunities, stimulating local commerce and boosting tax revenues — all essential for a thriving city ecosystem.

Moreover, existing downtown anchors will be better served by a vibrant, beautiful downtown area. A revitalized Harborplace will attract more patients and employees, ensuring that the University of Maryland Medical System and other institutions can continue to meet the needs of Marylanders today.

The time to act is now. Let’s seize this moment to transform Baltimore’s Inner Harbor into a beacon of economic growth and urban vitality.

Mohan Suntha is president and CEO of the University of Maryland Medical System. William J. McCarthy Jr. is executive director of Catholic Charities of Baltimore. Calvin Butler is president and CEO of electric utility company Exelon Corporation. Janet Currie is president of the greater Maryland region for Bank of America. Tim Regan is president and CEO of the Baltimore-headquartered Whiting-Turner Contracting Company.