This property is in the very desirable Mt Vernon area of Baltimore. It is owned by the State of Maryland and used by the University of Baltimore. The site is an unusual triangle shape with and abandoned street running thru the center (with major utility issues if relocation is necessary. The State included this site in an RFP for several sites in the area but there were no interested respondents.
The site is directly adjacent to a University owned parking garage which allows us to develop this site without the necessity of providing parking (the intended occupants would be students and recent graduates). The strange triangular shape of the site dissuaded other developers from interest in the site.
We were able to propose a scheme that did not need relocation of any of the existing utilities. The proposal was for a 15-story building, primarily for students at the university of Baltimore and incorporating ground floor student retail. The second floor is proposed as university space or potentially rehearsal and office space for the Meyerhoff Symphony Hall which is across the street.
Number of apartments, 299 apartments
Number of parking, 0 parking spaces, adjacent to a university parking garage
Retail SF, 16,600 SF
Acquisition cost, $1,330,000
Total development cost, $32,800,000
Hard cost, $26,900,000, $164 per SF, Soft cost, $4,600,000, $24 per SF
Rental income, $3,990,000 yr 4
Qualifies for city 15-year tax credit
NOI/ Total development cost, 9.4%