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Bozzuto, H&S Properties Development Announce Plans For $100M Apartment Tower In Baltimore’s Harbor East

19 Oct 2014, 10:57 pm

By Adrian Maties, Associate Editor

Rendering of the apartment tower planned by The Bozzuto Group and H&S Properties Development Corp. in Harbor East.

Two developers plan to bring almost 300 new apartment units to Baltimore’s Harbor East. The Bozzuto Group and H&S Properties Development Corp. have now joined forces and are looking to add another high-rise to the city’s skyline.

According to the Baltimore Business Journal, the project is expected to cost up to $100 million. It calls for the construction of an apartment tower, with 291 units, including 49 condominiums, and between 50,000 and 60,000 square feet of retail space.

The two developers plan to build the new building on the site of a surface parking lot bounded by South Central Avenue and Lancaster, South Eden and Aliceanna streets. Toby Bozzuto, president of The Bozzuto Group, told the Baltimore Business Journal that the planned tower will be one of the tallest structures in Harbor East. It is slated to be 280 feet tall, about 70 feet shorter than the nearby Legg Mason building.

Bozzuto also said he wants the project to not only be one of the best in Baltimore, but the entire country. He added that he believes the proposed building to be one of the most beautiful his company has ever worked on. D.C.-based Hickok Cole Architects has been selected to design the project.

Bozzuto and H&S Properties plan to hold a series of meetings with neighborhood groups to discuss the project. Once this process is complete, they will submit their plans to the city. The two developers hope to start work within a year. The project could take two years to complete.

Baltimore’s Inner Harbor is turning into a magnet for residential developers. Earlier this year, two companies announced their plans to add more than 700 new units to the area. Orlando, Fla.-based Zom Holding Inc. intends to replace the former University of Maryland Specialty Hospital with a new 350-unit apartment building, while Questar Properties of Pikesville wants to build a 44-story luxury apartment tower, with 392 units, on the site of the former McCormick & Co. spice factory. The Baltimore Business Journal reported that Questar’s $140 million project was approved by the city’s Urban Design and Architecture Review Panel on October 9. It is expected to break ground early next year.

Photo credit: Hickok Cole Architects

New Mixed-Use Project To Break Ground Next Spring in Baltimore’s Charles Village Neighborhood

19 Oct 2014, 10:42 pm

By Adrian Maties, Associate Editor

An early conceptual design of the planned mixed-use development.

Johns Hopkins University announced last week that work could start by next spring on a new, mixed-use development in Baltimore’s Charles Village neighborhood. It will feature market-rate student apartments, retail, restaurants and parking.

The project has not yet been named and is only referred to as 3200 St. Paul. It will be developed on a 1.13-acre site located on the southwest corner of the St. Paul and 33rd intersection, about a block away from the university’s Homewood campus. Johns Hopkins purchased the site in 2009 and is now leasing it to the development team of Armada Hoffler Properties Inc. and Beatty Development Group LLC.

The team recently presented conceptual designs to the North Charles Village Planned Unit Development’s design review committee. On October 23 they will also present the designs to Baltimore City’s Urban Design and Architecture Review Panel.

Construction is expected to start next April, assuming all approvals are granted. Johns Hopkins said that student tenants will be able to occupy the building by the start of the fall 2016 semester.

Plans call for the construction of a 12-story building, with 157 student apartments and 31,500 square feet of commercial space, wrapped around a parking structure with 162 spaces. According to Johns Hopkins, the commercial portion of the project will include a 10,500-square-foot pharmacy.

The student apartments will be leased on the open market, not as part of Johns Hopkins’ housing system. Birmingham, Alabama-based Capstone On-Campus Management will manage the units.

“Charles Village is by every measure an extraordinary neighborhood and one that Johns Hopkins is proud to call home for our main campus,” Daniel G. Ennis, the university’s senior vice president for finance and administration, said in a statement. “The addition of this project will accelerate the momentum our neighborhood is already experiencing and add to quality of life for our neighbors as well as for our students, faculty and staff.”

This story was updated on October 21.

Photo credit: Armada Hoffler Properties/Design Collective/JHU

Horseshoe Casino Baltimore Earns LEED Gold Certification

19 Oct 2014, 10:30 pm

By Adrian Maties, Associate Editor

Baltimore’s new Horseshoe Casino is now LEED Gold certified. The $442 million project is the first in Caesars Entertainment’s portfolio to achieve this level of certification. It is also one of only four casinos in the United States to be LEED certified.

The project broke ground last May. Horseshoe Baltimore was developed along Russell Street. It stands two stories tall and offers 335,000 square feet of space. The $442 million project opened on August 26, bringing with it more than 2,500 slots, 100 table games and 1,700 full time jobs.

Horseshoe Baltimore received LEED Gold certification from the U.S. Green Building Council after it achieved a score of 61 out of a possible 100. Gold is the second-highest rating a building can earn. In order to be LEED Gold certified, a project must receive between 60 and 79 points. Projects that earn over 80 points are LEED Platinum certified.

According to Caesar Entertainment, the casino’s sustainable features exceed the city standards requiring buildings to be at least LEED Silver certified. Horseshoe Baltimore’s green highlights include:

  • A design that enables it to collect and store storm water;
  • More than 49% of the materials used in construction were extracted and manufactured locally and roughly a quarter of them contained recycled content;
  • 97% of the project’s construction waste was diverted from landfills.

Caesars Entertainment also announced that another of its developments, The LINQ Las Vegas, has been LEED Silver Certified. The company said it is pursuing LEED certification for all of its existing buildings in Nevada.

“As soon as we start the planning process for our new developments, we are considering ways to make our buildings part of a sustainable future,” Greg Miller, Caesars Entertainment executive vice president of domestic development, said in a press statement. “By considering building elements’ energy and water efficiency, indoor air quality, and materials, we are creating healthy, vibrant places for our guests to relax and play, and for our employees to work.”

Photo credit: Horseshoe Casino Baltimore

Historic Hotels of America Recognizes The Lord Baltimore as The Country’s Best City Center Historic Hotel

12 Oct 2014, 1:07 am

By Adrian Maties, Associate Editor

The historic Lord Baltimore Hotel officially reopened this year, following a multi-million dollar restoration that brought the old property back to life. Rubell Hotels, a family-owned company known for renovating architecturally significant and historic hotels and turning them into affordable cultural hubs, carried out the project. Its efforts have recently paid off.

On October 2, Historic Hotels of America recognized the Lord Baltimore Hotel as the winner of the 2014 Awards of Excellence in the “Best City Center Historic Hotel” category. The honor was announced at the Historic Hotels of America 2014 Ceremony and Gala Dinner, held at The Hotel Hershey, in Hershey, Pa. In a news release, Historic Hotels said these awards are presented every year ”to historic hotels demonstrating the highest contribution to furthering the celebration of history and demonstrating leadership and innovation.”

The Lord Baltimore was constructed in 1928, in the heart of the city’s downtown. It was designed by famous architect William Lee Stoddart, in the French Renaissance style, and was once considered one of the crowning architectural jewels of Baltimore.

Rubell Hotels acquired the property in 2013, for $10 million. The company immediately started work on a top-to-bottom renovation. A year later, the Lord Baltimore’s 440 guestrooms, its restaurants and ballroom were all renovated and upgraded.

“It is such an honor to be recognized by the Historic Hotels of America,” Gene-Michael Addis, general manager of the Lord Baltimore Hotel, said in a statement for the press. “The Rubell family knew they had found something really special when they decided to restore and renovate the hotel. What they’ve done truly represents the history and charm of Baltimore. We are glad to showcase that to our guests.”

Photo credit: The Lord Baltimore Hotel

Federal Capital Partners Buys Halethorpe Distribution Facility For $11.5M

12 Oct 2014, 12:59 am

By Adrian Maties, Associate Editor

2209 Sulphur Spring Road

Federal Capital Partners recently announced the acquisition of an industrial distribution facility in the Baltimore area. The Chevy Chase-based company paid $11.5 million for the property which it purchased from Alliance Partners.

The facility is located in Halethorpe, at 2209 Sulphur Spring Road. It is close to both I-95 and I-695, just south of downtown Baltimore. Alliance Partners purchased it in 2012, for $3.1 million. The company then invested $4 million to renovate the property. The project upgraded the dock areas, and added  high efficiency lighting, a new roof, site asphalt and new security features.

Erik Weinberg, vice president of Federal Capital Partners, noted that “2209 Sulphur Spring offers one of the only existing large contiguous blocks of industrial warehouse space in the supply-constrained Baltimore market. FCP has planned additional site and building improvements to complement the recent renovation and to further enhance the facility’s position in the market.”

According to the Baltimore Business Journal, 2209 Sulphur Spring was vacant at the time of the sale. FCP has hired Cassidy Turley to lease the property. Jarred Testa, principal and senior vice president of Cassidy Turley, said it ”has many amenities that industrial users in the market desire, including ample trailer parking, secure access and outside storage.” Recently, Cassidy Turley has also been retained by Prologis to lease its Baltimore-Washington Industrial Park portfolio, in nearby Jessup. The portfolio consists of eight office-warehouse buildings totaling 828,000 square feet.

Last week, Cassidy Turley released two Q3 industrial reports for the I-95 North and I-95 South markets. In them, the commercial real estate services firm describes the Baltimore metro area as one of the strongest second-tier markets in the United States.

The I-95 South industrial market experienced approximately 630,000 square feet of positive absorption in the third quarter of 2014. Most of this activity was located in the Corridor submarket. The area’s overall vacancy decreased to 12.24% in Q3, with average rents reaching $5.94 per square foot.

Meanwhile, I-95 North experienced approximately 130,000 square feet of net negative absorption in the third quarter of the year. This led to an increase in vacancy to 7.68%. The average rent was $4.02 per square foot.

Photo credit: Google Maps

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