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Developer Plans 15-Story Apartment Asset in Baltimore’s Little Italy

24 Jan 2015, 10:00 am

By Adrian Maties, Associate Editor

The year has just started and already we know of three new multifamily developments planned for the Baltimore area. The most recent project announced will replace the former Della Notte restaurant, in the Little Italy neighborhood, with a 15-story apartment community.

The Baltimore Business Journal recently reported that WorkShop Development LLC is the developer behind the project. The company plans to buy the site, demolish the Della Notte building and build an apartment tower in its place. The new building will have between 150 and 240 units, as well as retail on the first floor.

Doug Schmidt, a principal with WorkShop Development, told the Business Journal that his company expects to complete the acquisition of the site in the first half of the year. He declined to reveal the price but added that WorkShop Development first approached the owners of the property to talk about the acquisition in 2013, after the Della Notte restaurant closed.

More details about the development will be revealed on January 27, when the project is scheduled to go before the Urban Design and Architecture Review Panel. Hord Coplan Macht is the architect. The project could be finished within the next two years.

Developers have also announced two other apartment projects in Baltimore this month. Monument Realty plans to invest $75 million to convert the office building at 225 North Calvert Street into 350 apartments, while Pinnacle Development Investors LLS said it will start work on an ultra-luxury residential tower within Baltimore’s HarborView Community.

Pro Transport Plans Move to New Locations within Baltimore Crossroads

23 Jan 2015, 10:00 am

By Adrian Maties, Associate Editor

Pro Transport, Inc. is moving to a new building within the Baltimore Crossroads business community. The privately owned transportation and logistics company has signed a lease with St. John Properties, Inc. for 51,120 square feet of space at 11630 Crossroads Circle.

Pro Transport’s current home is at 11600 Crossroads Circle, also within Baltimore Crossroads. However, this location is unable to accommodate the growing company’s needs. It will move to 11630 Crossroads Circle this spring, when the new building is scheduled to open.

11630 Crossroads Circle is a single-story R&D/flex office building. When completed, the 51,120-square-foot property will offer 16-foot ceiling heights and dock and drive-in loading capabilities. According to St. John Properties, 11630 Crossroads Circle will also be LEED-Gold certified.

Matt Lenihan of St. John Properties represented both the landlord and the tenant in this transaction. According to Lenihan, Pro Transport’s number one priority is to remain within Baltimore Crossroads. The master-planned mixed-use business community occupies 1,200 acres near the intersection of MD Route 43 and Interstate 95, in the White Marsh area of Baltimore County. It is designed to support more than five million square feet of commercial office, R&D/flex office, warehouse, industrial and retail space, as well as two hotels and a residential component.

Photo credit: St. John Properties

Enterprise Homes and SunTrust Bank to Renovate Frederick’s Taney Village Apartments

22 Jan 2015, 4:37 pm

By Adrian Maties, Associate Editor

Enterprise Homes and SunTrust Bank have announced their plans to renovate Taney Village Apartments in Frederick. The project is expected to cost $24.6 million. It will help preserve the property, which is an important source of affordable housing for seniors in the area.

The Taney Village Apartments building was constructed in 1978. It offers 130 one-bedroom affordable homes for seniors and adults with disabilities earning up to 60 percent of the area’s median income. The property is located close to shopping, public transportation, medical facilities and a senior center.

The $24.6 million renovation and redevelopment calls for the installation of energy-efficient windows, heating and air conditioning, kitchens, appliances and bathrooms. It will also renovate the building’s hallways, corridors and lobbies, the community room, fitness room and laundry facilities, and will add new elevators. The project is expected to be completed this fall.

According to the developers, the project will be funded through a combination of Low-Income Housing Tax Credit equity and loans provided by SunTrust Bank, Wells Fargo Bank, Bank of America, the Maryland Department of Housing and Community Development and Frederick County. Plano-Coudon is the general contractor, with Grimm + Parker as architect. Habitat America will provide property management.

Photo credit: Google Maps

DTZ Brokers Industrial Deals in Greater Baltimore

22 Jan 2015, 4:35 pm

By Adrian Maties, Associate Editor

DTZ, the new owner of Cassidy Turley, has kicked off 2015 in full force. Since the beginning  of the year, the company has completed several leases, totaling more than 150,000 square feet of industrial space, in the Baltimore Washington Corridor.

In mid-January, DTZ announced that Lindenmeyr Munroe, a leading paper and packaging distributor, has signed a lease for 102,179 square feet of Class A bulk distribution space in Building #1 of Preston Gateway North Corporate Park. Michael Bosica, vice president of DTZ, represented the tenant in the transaction. Cushman & Wakefield represented the landlord, Preston Bruce-PGN, LLC.

The Preston Gateway North Corporate Park is located on Preston Gateway Drive, in Hanover. It occupies 81.04 acres and offers approximately 742,000 square feet of industrial space.

Just a few days later, on January 20, DTZ also announced the completion of two deals totaling 53,277 square feet. In both deals, DTZ represented Prologis. Sage Sustainable Electronics leased 33,477 square feet at 8200 Stayton Drive, while Textron leased 19,800 square feet at 8301 Patuxent Range Road. Both buildings are now fully leased.

DTZ’s Tilghman Herring and Jarred Testa represented Prologis. JLL’s Todd Hughes and CBRE’s John Boote represented Sage and Textron, respectively.

Prologis retained DTZ as the exclusive leasing agent for its Baltimore Washington Industrial Park portfolio last October. The portfolio includes eight office-warehouse buildings, with a total of 828,000 square feet of space.

This month, DTZ also brokered the sale of a 188,710-square-foot warehouse in Middle River. Regency Furniture purchased the property at 670 Chesapeake Park Plaza for $7.7 million. DTZ represented the seller, Deutsche Asset & Wealth Management. The buyer was represented by KLNB.

Photo credit: www.cushwakeindustrial.com

Pinnacle Development Investors to Develop Unique Luxury Residential Tower In Baltimore

20 Jan 2015, 1:25 am

By Adrian Maties, Associate Editor

Pinnacle Development Investors LLS will start work on a new, ultra-luxury residential tower within Baltimore’s HarborView Community. Called The Pinnacle, the project is unlike other residential developments, because the unit owners are also investors and developers.

Plans call for the construction of an 18-story tower, with 30 units. It will be situated on a podium site, over an existing underground parking facility, with more than 1,000 parking spaces. An elevator core will traverse the parking facility and will provide the residents with direct access from premium parking spaces to their private foyers, thus eliminating corridors.

The Pinnacle will also have luxurious common areas, a guest suite and a fitness center on the second floor, a rooftop terrace, and many other amenities.

The unit owners will each pay their share of the land acquisition, building design and construction costs. David Swirnow, the head of Pinnacle Development Investors LLC, told The Baltimore Sun that the project is expected to cost about $55 million: $12 million for the ground, $25 million for the construction and about $18 million to build the units.

Owners have the freedom to design their units. Each unit will have about 3,800 square feet of space and each floor will have only two units. According to the developers, half of the 30 units have already been reserved by area residents. The first owners are expected to move into the new building in late 2016.

The project will meet LEED Silver requirements. It is designed by renowned architect Robert M. Swedroe of Miami.

Photo credit: pinnacle-luxury.com

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