The Baltimore-based Tide Realty Capital buys and redevelops distressed commercial assets: the unloved, unwanted and unsightly shopping centers and office parks that have seen better days.

But in purchasing the 63-year-old Reisterstown Road Plaza for more than $48 million in 2023, the group knows the road to redemption may be steeper than usual.

That’s because the complex, known as “the plaza” among shoppers, has long lagged behind the times.

“Before other malls died,” Tide Realty president Aaron Loeb said, “this died.”

Seated in a conference room inside the 750,000-square-foot shopping center — whose current main anchor is Giant Food — Loeb said the plaza will receive at least a $15 million upgrade. Once an outdoor mall that has since been enclosed, the plaza’s high-profile tenants over the years included the now-defunct Hecht’s department store, The Hechinger Company home improvement shop and Shoe City.

But mirroring national retail trends, the plaza’s tenant base dwindled and faded. In 2004, it was sold to an out-of-state owner. Vacancies rose; upgrades and maintenance needs fell behind.

Now, it’s back in local hands. The first phase of the remodel will overhaul the main entrance of the mall and buff up the exterior, at an estimated cost of $4.4 million. They hope to score more high-profile occupants — they’ve got their fingers crossed for a Home Goods, for instance — and bring the complex back to life.

“It’s kind of depressing,” Loeb said about the mall’s interior. “We’re going to make it a place where people can come and gather.”

Loeb and Tide Realty operations director Yanky Schorr said the property, though something of an operations “dumpster fire” when they purchased it, spoke to them because of its Northwest Baltimore history. The duo said they harbored fond memories of shopping at the plaza as kids with their families and aim to bring it into the 21st century.

Others also seem to have fond memories: Facebook groups, including “Reisterstown Road Plaza - Northwest Baltimore in the 60s and 70s,” have drawn nearly 3,000 members since 2008.

Modernizing it could mean using the blueprint of Maple Lawn in Howard County or Metro Center in Owings Mills, where a mix of restaurants, retailers and other services commingle on a sprawling campus. Northwest Baltimore, they said, deserves something similar.

“Everyone has a plaza story,” Loeb said, including the Baltimore Orioles’ principal owner, David Rubenstein, who grew up nearby. “And we want to bring that back.”

The plaza — distinguished by its whimsical “P” signage and drum-shaped building facade — could be subject to as many as five phases of renovation, with the first one underway since November. Government workers, including those with the state Board of Nursing and Department of Juvenile Services, occupy much of the office space. Nearby, the state is investing in the Reisterstown Plaza Metro station, where officials expect to add housing and boost ridership on an underused struggling transit line. The plan calls for as many as 800 new homes, as well as pedestrian-friendly areas and space for shops. In other areas of the state, similar proposals have received heavy pushback from neighbors.

A nearby overhaul of the Pimlico Race Course and Pikesville Armory could also provide a boost to the plaza over time, Loeb said. Data shows that Baltimore homes located near shopping centers sell quicker, he said.

Maryland Gov. Wes Moore’s administration contributed $1 million for the plaza’s renovation, which Loeb perceives as an endorsement of the vision. The grant, from the state’s Reinvest Baltimore initiative, is meant to help turn “vacant and deteriorating” properties into green space, housing and businesses.

Tide Realty worked with Comprehensive Housing Assistance Inc., a Baltimore nonprofit serving the area, to secure the grant.

The real estate company’s portfolio includes Metro Square in Owings Mills, a mostly vacant shopping complex in the shadow of a Target store, and Alameda Marketplace in Northeast Baltimore. Loeb said the team gravitates toward commercial projects that can be “transformational” for communities, and they see unique opportunity at the plaza, where Black, Jewish and Latino communities intersect.

They hope a future tenant mix will include options that bring people together and can offer family-friendly activities, too — current renderings show space for an indoor trampoline park. Clothing retailer DTLR, among the newer tenants, hosted Mayor Brandon Scott for its grand opening last month.

As for the complex’s recognizable “P” branding, Loeb said he’s open to keeping it — as long as the community is on board. It’s the least of his worries.

“After Pimlico, this is the most important project right now in Northwest Baltimore,” he said. “We’re very intimidated. These projects take a lot of hard work and a lot of grit.”