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New Key’s Pointe Residences Open in Baltimore, Part of O’Donnell Heights Revitalization

13 Jun 2014, 7:49 pm

By Adrian Maties, Associate Editor

At the start of the month, the city of Baltimore celebrated the opening of the newly constructed Key’s Pointe Residences, the first phase of the O’Donnell Heights Revitalization project. Mayor Stephanie Rawlings-Blake was present at the ribbon-cutting ceremony along with Paul T. Graziano, executive director of the Housing Authority of Baltimore City, The Michaels Development Company, AHC-Greater Baltimore, Inc., and other elected officials and members of the community.

The Baltimore City Housing Authority has partnered with the Michaels Development Company and with the nontfor-profit AHC of Greater Baltimore, Inc. on the 62-acre redevelopment of the World War II-era O’Donnell Heights public housing project in the southeast corner of Baltimore City, just outside of Dundalk. They broke ground on the $20 million first phase of the project in April, 2013.

Key’s Pointe Residences features 76 new townhouse-style residential units. Sixteen units are reserved for persons with disabilities. “Key’s Pointe Residences is the embodiment of the renaissance that’s going on all over Baltimore City,” said Mayor Stephanie Rawlings-Blake in a press statement. “These beautiful new homes provide another opportunity for Baltimore to welcome new residents to an amazing community that both current and new residents will enjoy.” Key’s Pointe Residences also offers a new playground with splashpad, and a computer room. A new community center will be constructed in future phases.

“The development of Key’s Pointe Residences has rejuvenated the O’Donnell Heights community and it could not have happened without the help of the community and the support of our state and federal partners,” Paul T. Graziano added. “We are also proud of the work our development partners have done and it will go a long way toward strengthening and bringing new energy to the greater community.”

When fully complete, the O’Donnell Heights redevelopment will offer over 900 new affordable and market rate townhomes and apartments, as well as more than six acres of new parks and green space. The developers expect to break ground on the next phase of the project during the first half of 2015.

 

Photo credits: The Michaels Development Company



Enterprise OpensThe Greens at English Consul Affordable Apartments For Seniors

6 Jun 2014, 3:04 pm

By Adrian Maties, Associate Editor

Enterprise Homes celebrated the grand opening of its latest senior community in Baltimore County. Called The Greens at English Consul, it is the first new construction in the Lansdowne/Baltimore Highlands neighborhood in almost 20 years.

Baltimore County Executive Kevin Kamenetz was present at the event. He was joined by other local and state dignitaries as well as officials from Enterprise, Wells Fargo Bank, Bank of America, the U.S. Department of Housing and Urban Development, the Maryland Department of Housing and Community Development, the Federal Home Loan Bank of Atlanta, and AGM Financial Services.

Work on The Greens at English Consul started on April 1, 2013. The project was topped off last September. At a cost of $14.6 million it called for the construction of 90 affordable apartments for seniors earning up to 60 percent of the area’s median income.

The four-story building is located at 4120 Oak Road. It consists of 72 one-bedroom and 18 two-bedroom apartments. Amenities include a covered entry porch with sitting areas, a large paved patio, a library with computer terminals, a community room, TV lounge and sports bar, activity room, laundry room, mail room and fitness room.

The Greens at English Consul meets the Enterprise Green Communities Criteria, the first national framework for building green affordable housing. It was designed with a focus on energy efficiency and environmental benefits, and features energy-efficient windows, water-conserving plumbing fixtures, Energy Star appliances, energy-saving light fixtures, Green Label carpeting and high-efficiency heating and cooling systems.

The Whiting-Turner Contracting Company was the project’s general contractor, with Grimm + Parker as the architect. The project was funded with the help of Low-Income Housing Tax Credits, HOME funds, Rental Housing Works funds, Partnership Rental Housing funds, EmPower Maryland funds, the Federal Home Loan Bank of Atlanta, a Maryland tax-exempt bond, an FHA-insured first mortgage, as well as developer equity.

With The Greens at English Consul now open, Enterprise has started work on another project in Baltimore’s suburbs, proving that it’s not the type of company to let the grass grow under its feet. In Westminster, Enterprise is redeveloping the 98-unit Locust House Apartments, a seven-story building for seniors and disabled individuals who earn no more than 60 percent of area median income. The $14.8 million project is expected to be completed in about a year.

Photo credits: Enterprise Homes



Former Department Store Warehouse In Mount Vernon Gets New Life As Luxury Apartments

31 May 2014, 12:52 am

By Adrian Maties, Associate Editor

A new, luxury, green apartment community is coming to downtown Baltimore. Time Group Investments has turned the former main warehouse of the Hochschild Kohn department store chain into 171 luxury apartments and is now getting ready to receive tenants.

Located in the Mount Vernon neighborhood, the property is now a blend of historic charm and modern design. It features a mix of studio, one- and two-bedroom apartment units with 14-foot exposed ceilings, oversized windows, hardwood floors, and many other amenities. According to the property’s website, rents at 520 Park range between $1,095 and $1,865 per month.

520 Park also includes underground parking, bicycle storage, fitness center, business center, dog wash station, electric car charging stations, and rooftop solar array. But its most unique feature is the interior landscaped courtyard. As the old warehouse had no such interior courtyard, the developers had to cut a 5,000-square-foot hole right in the middle of the building.

“520 Park Avenue represents a modern rehab of a historic building that will link Mount Vernon to Seton Hill and Downtown’s West Side,” said Mark Caplan, CEO of The Time Group, in a press statement. “When complete, this redevelopment will offer the kind of sprawling views and first-rate amenities that are spurring residential growth throughout downtown Baltimore.” The project has been designed to achieve LEED Silver certification.

Time Group Investments expects the new apartment community to become one of Mount Vernon’s most sought-after new addresses. In a press release, the developers said that demand for apartments at 520 Park has been high and that they have already started accepting applications.

Photo credits: 520 Park



Large South Baltimore Multifamily Portfolio on The Market

23 May 2014, 3:08 pm

By Adrian Maties, Associate Editor

Another large Baltimore-area multifamily portfolio is on the market. The 132-unit Curtis Bay Village, located off Route 173 in Curtis Bay, is looking for new owners.

The property was constructed in 1940. It consists of 47 two- and three-story buildings. Curtis Bay Village offers efficiency, one-, two-, and three-bedroom units, as well as 13 townhomes, ranging in size from 400 square feet to over 1,600 square feet. Most of the units have received kitchen and bath renovations.

The property enjoys a great location, close to many important amenities. Within a five mile radius of Curtis Bay Village there are numerous shopping, dining and entertainment destinations. Harrah’s Horseshoe Baltimore Casino will open this year not too far away, adding 1,700 new jobs, and Amazon also plans to construct a fulfillment center in the area.

The Greysteel Company’s Mid-Atlantic multifamily investment sales team is the exclusive advisor and agent for the sale of Curtis Bay Village. The team includes Ari Firoozabadi, John F. Mullen, W. Kyle Tangney, Lance Ahmadian, Caleb Brown, Mike Bediones and Jake Ying. An asking price for the property has not been announced yet.

“Curtis Bay Village offers a rare opportunity to own a diverse 132-unit portfolio of multifamily and row home properties with value-add potential within minutes of downtown Baltimore,” John Mullen, director of multifamily investment sales, said in a press statement. “The submarket is growing as new jobs are added with the addition of Amazon’s warehouse and Harrah’s casino in close proximity,” according to Mullen.

In the past six months, several large multifamily portfolios have changed hands or have been put up for sale by their owners. In Howard County, two apartment communities with 348 units have sold for $68 million. A 500-unit portfolio in Windsor Mill was acquired by a joint venture last December, while Blue Ocean Realty purchased the 720-unit Millbrook Park Apartments in Pikesville. Two apartment communities in Anne Arundel County, with over 450 units, are also waiting for a new owner.

Click here for more information on the Baltimore Apartment Market.

Photo credits: Greysteel



Johns Hopkins to Build Cancer Center in Baltimore with $65 Million Gift

16 May 2014, 9:04 pm

By Adrian Maties, Associate Editor

Johns Hopkins announced on May 6 its plans to build a new cancer treatment building in Baltimore. The facility will be constructed with the help of a $65 million gift. It will be named after the late Albert P. “Skip” Viragh, Jr., a philanthropist and a former cancer patient treated at Johns Hopkins, who died in 2003, at the age of 62.

The Skip Viragh Outpatient Cancer Building is scheduled for completion in 2017. It will be constructed on the southeast corner of Fayette Street and North Broadway, in East Baltimore, and will feature about 50 exam rooms, advanced cancer imaging, a specially designed cancer diagnostic and treatment planning center, and many other facilities and services.

The new facility will serve as the primary entry point to Hopkins’ Sidney Kimmel Comprehensive Cancer Center. It will be able to accommodate all adult medical oncology patient consultations and will free up space in the Harry and Jeanette Weinberg Building, space that will be used for other patient services.

Ayers Saint Gross and Wilmot Sanz are the new building’s architects. A construction firm has not been selected so far. The project will be funded using mostly philanthropic gifts. The $65 million gift is part of Rising to the Challenge: The Campaign for Johns Hopkins, an effort to raise $4.5 billion, primarily to support both the university and Johns Hopkins Medicine.

William G. Nelson, M.D., Ph.D., director of the Johns Hopkins Kimmel Cancer Center, praised Skip Viragh for all his help. “The new building will be far more than a place for physician visits and diagnostic scans. It will be the place where we’ll explore novel ways to deliver cancer care and cures,” he said in a statement for the press. “Patients with many different types of cancer will be able to get all of their services in this building, including visits, laboratory testing, clinical trials, radiology, and chemotherapy, greatly increasing the comfort and efficiency of their treatment experience at the Kimmel Cancer Center.”

Under Armour Inc. also recently pledged $10 million to Johns Hopkins for the construction of the Under Armour LiveWell Center. This new center will be located on the top floor of the Skip Viragh Outpatient Cancer Building and will be dedicated to breast health-related programs, which will also be available to women worldwide through distance learning, the internet and social media. The gift is the largest ever made by the Baltimore-based company.

Photo credits: Johns Hopkins Medicine Facebook

 



Hilton Baltimore BWI Airport Completes Renovation

9 May 2014, 4:54 pm

By Adrian  Maties, Associate Editor

The Hilton Baltimore BWI Airport announced last week the completion of a number of significant upgrades. They have helped improve the hotel’s ranking and elevated it into the top five of its competitive set, according to reviewers on one of the top guest-rated websites. In fact, last year, the Hilton Baltimore BWI Airport received the 2013 TripAdvisor Certificate of Excellence Award.

The hotel is located in Linthicum Heights, adjacent to the Baltimore/Washington Thurgood Marshall International Airport, with downtown Baltimore just 20 minutes away. It features 280 rooms, 16,000 square feet of meeting space for up to 800 guests, and a host of amenities, including an indoor swimming pool, restaurant, fitness center and high speed Internet access. The hotel uses rooftop solar panels and is energy-efficient.

The renovation project called for a complete makeover of the lobby, upgrades to the fitness center, renovations to the hallways, as well as adding a new function room, the 4,000-square-foot Flight Deck, which can accommodate up to 200 people. Additional upgrades are planned for this fall. The hotel’s 11th floor concierge lounge will be renovated, while its lobby sundry shop will be expanded. The cost of the renovation was not disclosed.

“Although the hotel opened only in late 2006, our goal is to keep it fresh and appealing to guests,” said Joseph Bojanowski, president of PM Hospitality Strategies, the hotel’s operator, in a press statement. “The investment and hard work immediately paid off with highly favorable comments from our guests. As a result of the renovation and implementation of new guest service initiatives, website reviewers now rate the Hilton Baltimore BWI Airport in the top five out of 26 competitive hotels. As we settle in from these renovations, our intent is to continue to move up in the rankings.”

Photo credits: www.hiltonbwihotel.com



Atlantic Realty Buys Baltimore’s Alameda Marketplace for $11.3M

2 May 2014, 2:32 pm

By Adrian Maties, Associate Editor

A Baltimore City urban shopping center recently changed hands. The Alameda Marketplace was acquired by Atlantic Realty Companies for $11,305,000. Continental Realty Corporation was the seller.

The Alameda Marketplace is located on 10.9 acres of land, at 5600 – 5658 The Alameda, not far from Good Samaritan Hospital. At the time of the sale, the property was 95  percent occupied. Its tenant roster includes Stop Shop Save, Rite-Aid, Family Dollar, Goodwill, Bank of America, Rainbow and Rent-A-Center.

Greysteel Co. represented the seller and also procured the buyer. Including the Alameda Marketplace, the real estate company arranged the sale of four significant shopping centers in the Baltimore Metro Area in the last nine months. Managing Director Gil Neuman led Greysteel’s retail team.

“The buyers acquired a center whose dense urban infill location and limited competition has maintained a high occupancy level for decades,” Gil Neuman said in a press statement. “We identified Atlantic Realty Companies as experienced players most likely to unlock added value including capitalizing on an adjacent large swath of still undeveloped land,” he added.

According to Greysteel, the Alameda Marketplace is located in the center of a dense northeast Baltimore City residential neighborhood, with an average population of 8,600 people per square mile and 230,000 residents within a three mile radius. Good Samaritan Hospital, Morgan State University, and Johns Hopkins University’s main Homewood Campus are also located nearby.

In a market outlook report for 2014, Marcus & Millichap also said that retail operations in the Baltimore area have steadily improved over the past three years and will strengthen in 2014, thanks to job growth and an increasing demand for space. Vacancy is expected to drop to 4.1 percent this year, while average rents will go up 3 percent to $19.75 per square foot.

Chart courtesy of Marcus&Millichap.



Armada Hoffler To Construct a 20-Story, Mixed-Use Tower in Baltimore’s Inner Harbor

25 Apr 2014, 2:46 pm

By Adrian Maties, Associate Editor

In a couple of years, Baltimore’s waterfront will be home to a new, mixed-use tower. After a two-year pre-development effort, Harbor Point developer Beatty Development Group, LLC has selected Armada Hoffler Construction Company, a division of Virginia Beach-based Armada Hoffler Properties, for the construction of the tower. The construction contract is worth $165 million.

The 20-story tower will be located adjacent to Harbor East, one of the last major development sites in Baltimore’s Inner Harbor. It will feature approximately 900,000 square feet of space. According to Beatty Development’s website, the building will be LEED Gold certified and will include 415,000 square feet of office space, 103 apartments, 41,000 square feet of retail space and a parking garage with 750 spaces. When finished, the tower will be the new regional headquarters of Chicago-based energy company Exelon.

Construction is scheduled to start this spring. The developers expect to complete the project by spring 2016.

Since 1993, Armada Hoffler has developed projects worth over $1 billion in Baltimore’s Inner Harbor. These include the Four Seasons Hotel, Baltimore Marriott Waterfront Hotel and Conference Center, Legg Mason Global Headquarters and Spinnaker Bay luxury apartments.

“The reputation and experience that we’ve earned in Baltimore’s Inner Harbor over the last two decades led to this important win,” said Eric Apperson, President of Armada Hoffler Construction Company, in a press statement. “We are excited to be a part of the Harbor Point project and the continued development of Baltimore’s Inner Harbor.”

Photo credits: Beatty Development Group



Greater Baltimore Multi-Housing Developments Receive Funding

18 Apr 2014, 2:40 pm

By Adrian Maties, Associate Editor

Two Greater Baltimore residential projects secured financing last week, and are both now one step closer to completion. Located in downtown Baltimore and in Odenton, the two projects total more than 420 units.

Last fall, JK Equities, a real estate company based in Long Island, NY, paid 7.2 million to acquire the historic Equitable Building from Equitable Holdings Trust. Soon after, it announced its plans to invest $32 million and convert the nine-story office property into 180 market-rate housing units. Located at 10 North Calvert Street, the Equitable Building was constructed in 1891 and is considered Baltimore’s first skyscraper.

JK Equities closed a $21.5 million acquisition loan with Wall Street firm Natixis Global Asset Management last week. Eastern Union Funding President Ira Zlotowitz and Senior Managing Director Meir Kessner arranged the loan. It features a 4.91 percent annual interest rate on a three-year term. With financing now secured, the project can move forward. It is expected to be completed in March 2015.

Further south, in Odenton, Holliday Fenoglio Fowler has arranged senior debt construction financing for NOVUS Odenton Station, a Class A, transit-oriented multi-housing development. The HFF debt placement team, led by Walter Coker and Brian, worked on behalf of NOVUS Residences LLC. It placed a four-year construction loan with EagleBank and it also secured joint venture equity for the development of the project through Clark Enterprises.

NOVUS Odenton Station is located at the northeast corner of Hale Street and Nevada Avenue. It is expected to be completed in early 2015 and will feature 244 one-, two- and three-bedroom units. Amenities include a 5,000-square-foot fitness center with yoga and cycle studios, pet grooming spa, bike workshop, private park space, outdoor swimming pool, movie theater room and clubroom with billiards center.

Photo credits: JK Equities



Developers Plan 700 New Apartments in Baltimore’s Inner Harbor

14 Apr 2014, 2:24 pm

By Adrian Maties, Associate Editor

Marcus & Millichap Real Estate Investment Services predicts that operations in the Baltimore apartment market will strengthen this year, as it absorbs 2013’s construction surge. The accelerating job growth and the strongest household formation in years will boost net absorption of apartments across the metro, while Baltimore’s growing 20- to 34-year-old population, considered the prime renter demographic, will further support demand.

Demand is expected to outpace construction this year, leading to a drop in vacancy to 4.5% by the end of the year. Rents are also expected to advance 3.1% to $1,229 per month. Anticipating the rising demand, developers have started to build in the area. Nearly 1,800 new units are expected to be delivered this year, 1,000 of them in downtown Baltimore.

And more apartments are on their way. The two newest projects were announced at the start of April. Together, they will bring about 700 units to Baltimore’s Inner Harbor area.

According to the Baltimore Business Journal, Orlando, Fla.-based apartment developer Zom Holding Inc. plans to demolish the former University of Maryland Specialty Hospital and replace it with a new 350-unit apartment building. It would be Zom’s first development in the Baltimore area.

But there’s still a long way to go before construction can start. Zom has to purchase the hospital from the Abell Foundation, which paid $7.5 million for it. If everything goes in favor of the Florida developer, a new, six-story building will be constructed on the 2.2-acre site at 601 S. Charles Street.

The Baltimore Sun also reported that Questar Properties, a Pikesville developer, plans to build a 40- to 45-story luxury apartment tower on the site of the former McCormick & Co. spice factory. It will contain between 350 and 370 units, ground-level shopping and a six- or seven-story garage. It will also be one of the tallest buildings in Baltimore.

Questar expects the project to cost at least $130 million. The company plans to break ground by the end of the year, with a completion date set for 2017. It will build the new tower on 1.9 acres of land at Light and Conway Streets. Questar purchased the property at auction, for $11.5 million, three years ago. In March, Questar showed preliminary designs to neighborhood groups and, last week, it presented plans to the city.

Charts courtesy of Marcus & Millichap

 







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