The property is an existing two story community theater in a very nondescript building. The theater has relocated to another space. The location is a block from Baltimore’s Penn Station in an area called Station North Arts and Entertainment District. Station North is a very youth oriented neighborhood very popular with students in Baltimore. It is close to the University of Baltimore, MICA (Maryland Institute College of Art), Johns Hopkins University, and the Peabody Conservatory. This area also has a very good commuter potential with its proximity to the Amtrak station and the light rail line. The local community is very interested in building a residential population; currently the adjacent property is restaurants, clubs and bars.
The site is currently vacant and on a very prominent corner. The zoning here is the highest in the city and allows for much denser development. The neighborhood is encouraging high density housing.
We are able to create an 18 floor apartment building with ground floor retail and underground mechanized parking. The redevelopment of the site shows it can become a profitable reuse of an underutilized site and a benefit to the local community.
Number of apartments, 240 apartments
Number of parking, 100 parking spaces
Retail SF, 12,000 SF
Acquisition cost, $0
Total development cost, $29,500,000
Hard cost, $25,765,000, Soft cost, $3,730,000,
Rental income, $3,582,000 yr 4
Qualifies for city 15-year tax credit, IRR, 21.06%, NOI/ Total development cost, 8.7%