The property is owned by the same group that owns the 17 West Pennsylvania property. The project is also in the center of Towson adjacent to Towson Town Mall and the new David Cordish theater and retail complex. There is an existing senior high-rise project on the site. The zoning allows us to build two new market rate high-rise apartment buildings.
The project is adjacent to the central Towson retail and business center and in proximity to several universities. This is a popular area for students and young professionals. The available property in central Towson is very limited and this site has an existing apartment building. We were able to have the property subdivided into three sites which gives us the ability to build two more mid to high rise apartment buildings. The current zoning allows for high density residential development.
We proposed constructing two additional apartment buildings as well as renovating the existing building. This site had been totally missed as a development property and we were able to convince the owner to entertain a joint venture with a recognized developer.
Number of apartments, 379 apartments
Number of parking, 312 parking spaces
Retail SF, 0 SF
Land lease, Total development cost, $76,302,000
Hard cost, $67,899,000, Soft cost, $8,474,000,
Rental income, $8,700,000 yr 4
NOI/ Total development cost, 8.4%