The property is owned by one group and includes several properties (10 to date) in an area near the Baltimore 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, Peabody Conservatory (School of Music comparable to Juliard in New York). This area also has a very good commuter potential only 2 blocks from the Amtrak station and the light rail line. The local community is very interested in building a residential population; currently it is restaurants, clubs and bars (all popular with young people). The community is encouraging high rise development.
The site is the largest collection of parcels in this area and is owned by one person. The property is not for sale but the owner would like to enter into a long term lease agreement with a recognized developer. Allowable unit breakdown: B-2-3 zoned sites, 70,105SF = 255 Units; B-5-2 zoned sites, 1,005,942Sf = 1,609 Units, 1,864 total project units.
By phasing development of these vacant sites into eight phases we are able to maximize the potential for the site and bring a strong population to the City and local community.
PRO-FORMA: FIRST PHASE
First phase 286 apartments
Number of parking, 300 parking spaces
Retail SF, 48,000 SF
Total development cost, $32,655,000
Hard cost, $29,290,000, $150 per SF Soft cost, $4,363,000, $21 per SF
Rental income, $5,934,000 yr 4
Qualifies for city 15-year tax credit
IRR, 25.79%, NOI/ Total development cost, 15.9%