This project was a small existing office building in the Mt Vernon area of Baltimore. The building has three floors with a very random window pattern which does not allow for a very efficient (or profitable residential redevelopment). The building is in a historic district of Baltimore.
This area of Baltimore is a very popular residential and entertainment area. Housing in the area is consistently at 98% occupancy. This structure gives an opportunity to develop an underutilized building for residential.
We proposed to demolish the interior of the building, saving only the exterior wall. Inside the wall we proposed to build a 6-story glass box with a balcony at each apartment connecting to and bracing the exterior wall. To allow for additional light we proposed adding additional openings also in a very random pattern. This allows for a very interesting play of light into the apartments and gives framed views to the adjacent neighborhood.
Number of apartments, 36 apartments
Number of parking, 0 parking spaces
Retail SF, 3,720 SF
Acquisition cost, $1,080,000
Total development cost, $5,180,000
Hard cost, $3,047,000, Soft cost, $1,052,000,
Rental income, $567,000 yr 4
NOI/ Total development cost, 8.5%