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State Awards $10M In Historic Preservation Tax Credits to Nine Maryland Projects

15 Dec 2014, 3:45 pm

By Adrian Maties, Associate Editor

 

Nine Maryland historic restoration projects will receive funding from the state, in the form of $10 million worth of tax credits. Seven of the projects are located in the Baltimore Metropolitan Area, according to state officials who made the announcement on December 10. The $10 million tax credits come from the Sustainable Communities Tax Credit Program, which is administered by the Maryland Historical Trust. The program is part of the 2010 Sustainable Communities Act. It helps preserve historic structures, while also providing an economic boost to individual communities.

According to the state, the $10 million tax credits will leverage an additional private investment of about $76.7 million. The nine Maryland projects are:

  1. Eastern Pumping Station/Baltimore Food Hub – A $15 million conversion project in Baltimore. It will receive $3 million in tax credits.
  2. Fells Point Recreation Pier – A $39.8 million hotel and restaurant project in Baltimore. It will receive $3 million in tax credits.
  3. Florence Crittenton Home – A $2.6 million apartment project in Baltimore. It will receive $520,000 in tax credits.
  4. Eastwick Motor Company – A $6.1 million project in Baltimore. It will receive $453,968 in tax credits.
  5. Carrollton Hall – A $3.9 million restoration of a 1832 mansion in Ellicott City. It will receive $780,480 in tax credits.
  6. Taylor’s Furniture Store  – A $750,000 office and restaurant project in Ellicott City. It will receive $150,000 in tax credits.
  7. Doughoregan Manor Work House – A $300,000 residential project in Ellicott City. It will receive $60,000 in tax credits.
  8. Footer’s Dye Works – A $7,962,208 conversion project in Cumberland. It will receive $1,990,552 in tax credits.
  9. 511 Poplar Street – A $225,000 rehab project in Cambridge. It will receive $45,000.

“This tax credit is one part of our efforts to innovate, educate, and rebuild Maryland by repurposing empty buildings into active, vibrant sites for new businesses,” Governor Martin O’Malley said in a statement. “The Sustainable Communities Tax Credit is one of the most effective investment tools for strengthening our green economy, revitalizing critical historical sites, and creating family-supporting jobs for more Marylanders across our State.”

The Sustainable Communities Tax Credit Program has invested almost $360 million since it first started, in 1996. It helped restore 3,995 residential and 616 commercial historic structures in towns and cities across the state of Maryland.

According to the Maryland Historical Trust, the program has created more than 26,000 jobs through the construction and new uses of these structures. MHT expects it to create 894 jobs in 2015.



Baltimore’s Inner Harbor Welcomes its First Hyatt Place

15 Dec 2014, 3:36 pm

By Adrian Maties, Associate Editor

Hyatt Hotels Corporation and 511 South Central Avenue, LLC, a collaboration between Englewood LLC and CG Investments, Inc., announced on December 11 that the new Hyatt Place Baltimore/Inner Harbor is now open and ready to receive guests.

The hotel is located at 511 South Central Avenue, close to many popular Baltimore locations, including the Harbor and the planned Harbor Point mixed-use development. Hyatt Place Baltimore/Inner Harbor offers 208 rooms, a fitness center, an indoor pool, 2,300 square feet of flexible, high-tech meeting/function space and other amenities.

Work on the project started on August 19, 2013. Hyatt Place Baltimore/Inner Harbor was constructed on a site formerly occupied by a one-story warehouse. Armada Hoffler was the general contractor, with Cooper Carry as the hotel’s architect.

The project also called for the construction of 14,000 square feet of retail space, to be owned and operated by Baltimore-based Chesapeake Real Estate Group. According to the Baltimore Business Journal, the retail space is scheduled to be completed in February or March. Tenants include Cava Mezze, Nando’s Peri-Peri and Jimmy John’s Gourmet Sandwiches.

The total cost of the 150,000 square foot project was $24.4 million. It created 240 construction jobs. More than 75 people currently work for the Hyatt Place Baltimore/Inner Harbor.

“As Baltimore continues to grow and thrive economically, we are excited to add to the momentum by welcoming the first Hyatt Place hotel to the area,” Ken Finkelstein, president of Englewood LLC, said in a press statement.

“Baltimore is a large and vibrant city, filled with restaurants, markets, galleries, and other impressive art and entertainment attractions,” Finkelstein added. “No matter why guests are visiting the area, we are confident that Hyatt Place Baltimore/Inner Harbor will exceed guest expectations and provide them with everything they need while away from home.”

Photo credit: Hyatt Hotels Corporation



Morgan Properties and Olayan Purchase The Preserve at Owings Crossing

15 Dec 2014, 2:57 pm

By Adrian Maties, Associate Editor

The Preserve at Owings Crossing

In a joint venture with The Olayan Group, King of Prussia-based Morgan Properties purchased The Preserve at Owings Crossing, in Reisterstown. This is the joint venture’s second acquisition in 2014.

The Preserve at Owings Crossing is a 791-unit Class B apartment community. It was built in two phases, between 1965 and 1973. The community offers residents numerous amenities, including a fitness center, swimming pool, tennis and volleyball court, playground areas and a dog park.

In Reisterstown, Morgan Properties also owns the 692-unit Chartleytowne Apartments. The company did not disclose how much it paid for The Preserve, but it did reveal that, together with Olayan, it plans to renovate the asset and enhance its value. The project calls for the renovation of the fitness center, in-unit washer and dryer installations, and kitchen and bath renovations.

“The Preserve is an exciting acquisition for our organization. We are pleased to continue doing deals with our partner Olayan. Our Maryland team will add tremendous value to the asset. Given our local market knowledge and operational expertise, Morgan Properties is the right operator to efficiently manage and enhance the value of the asset. We are excited to collaborate with Olayan and our team looks forward to owning the property and executing our business plan,” Mitchell Morgan, founder and CEO of Morgan Properties, said in a news release.

Earlier this year, Morgan and Olayan joined forces to buy a large multifamily portfolio from Berkshire Property Advisors, paying $309 million for it. The portfolio consisted of seven garden-style apartment communities located in the Baltimore-Washington metropolitan area. Together, they offer 2,671 units.

In 2014, Morgan also formed a joint venture with Core Real Estate Capital to buy the 700-unit Lighthouse at Twin Lakes apartment community in Beltsville. The two companies were involved in the acquisition of the 500-unit Windsor Mill Portfolio as well.

Morgan’s list of Baltimore area apartment communities also includes the 796-unit Chesapeake Glen Apartments in Glen Burnie. This property was purchased in 2013 in a joint venture with New York-based Dune Real Estate Partners LP.

Photo credit: Morgan Properties



Chesapeake Realty Partners’ ‘Industrial Chic’ Apartments Coming to South Baltimore

8 Dec 2014, 2:47 pm

By Adrian Maties, Associate Editor

2 East Wells

The south end of Charles Street, in Baltimore, was once an unattractive industrial area. But that has changed in the last few years. It all started in 2012, with the opening of 1901 South Charles and its 193 luxury apartments, and more apartments are on their way.

Chesapeake Realty Partners is developing the project, called 2 East Wells, on the site of a large warehouse and office building. Those buildings were razed to make way for the new property. Chesapeake started work in late 2013 and is now nearing completion. The company did not reveal the cost of the project.

When it opens in early 2015, 2 East Wells will be South Charles Street’s newest apartment community. It will include 153 industrial-chic apartments and 6,000 square feet of retail space along Wells Street.

According to Josh E. Fidler, co-chairman of Chesapeake Realty Partners, in a press statement, “Two East Wells is classic Baltimore, with its warm brick façade, industrial-style, floor-to-ceiling multi-pane windows and, of course, roof decks with endless city views.”

The community will offer a mix of studio, one- and two-bedroom luxury apartments, with 9 foot ceilings and numerous other features. Amenities include garage parking, a state-of-the-art fitness center, interior courtyard and more. According to 2 East Wells’ website, rents start from $1,508 per month for a studio, and from $2,310 per month for a two-bedroom unit.

In a news release, Chesapeake Realty Partners said the new community will be LEED Silver certified. The company also announced that pre-leasing has already started, adding that ”interest in the community has been extremely high.”

Photo credit: 2eastwells.prospectportal.com



David Tufaro’s Whitehall Mill Mixed-Use Project to Break Ground Early Next Year

8 Dec 2014, 2:43 pm

By Adrian Maties, Associate Editor

A new mixed-use project is coming to Baltimore. David Tufaro and his company, Terra Nova Ventures, plan to break ground early next year on a retail, office and apartment complex on Clipper Mill Road. It will be known as Whitehall Mill.

The Baltimore Business Journal reported that David Tufaro has acquired the 3300 Clipper Mill Road building and that he has also closed on the construction financing for the project. The previous owner, Komar Co., used the site, which once housed a textile mill, for storage.

David Tufaro plans to start work on the project early next year. Whitehall Mill will include 28 apartments, 22,000 square feet of second-floor office space and a 6,000-square-foot restaurant. The total cost of the project is $22 million, and it includes the $2.4 million purchase price for the land. It is being financed with the help of both state and federal historic tax credits.

Plans also call for the construction of an 18,000-square-foot marketplace, similar to Belvedere Square. The marketplace will have between nine and 12 vendors. Tufaro told the Baltimore Business Journal that he has hired Williams Jackson Ewing to find “the right mix of vendors and tenants who will work off each other successfully” and “create the right income stream.” The market is scheduled to open in spring 2015.

Bank of America will provide financing for the project. Whiting-Turner will serve as general contractor, with Alexander Design as architect. David Tufaro did not announce when he expects to finish the project.







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