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Enterprise and Partners Open New Affordable Community in Cecil County

2 Jul 2015, 5:34 pm

By Adrian Maties, Associate Editor

Riverwoods at North EastEnterprise Homes is one step closer to fulfilling its goal of ending housing insecurity in the United States. This week, the Columbia-based nonprofit organization joined its partner Osprey Property Company along with elected officials, dignitaries, development partners and residents in the town of North East, in Cecil County, to celebrate the grand opening of the Riverwoods at North East.

The new $16.2 million apartment community is located at 1000 Riverwoods Rd. According to the Cecil Whig, it offers 16 one-bedroom units, 40 two-bedroom units and 20 three-bedroom units, each with its own living room, kitchen, bathroom, closets and laundry hookups. Apartments range in size from 650 to 1,176 square feet, with rents between $358 and $880 per month. The newspaper also reported that the 76-unit community is fully leased, although not all of its tenants have moved in yet.

Riverwoods at North East was developed in accordance with the Enterprise Green Communities Criteria, the first national framework for green affordable housing. Amenities include a clubhouse with a fitness room, community lounge and more.

Grimm and Parker designed the new community. Harkins Builders Inc. was the general contractor, with Bay State Land Services as the civil engineer. Habitat America was selected to provide property management services.

Photo credit: riverwoodsapts.com

Historic Baltimore Landmark Opens as Apartments

2 Jul 2015, 5:27 pm

By Adrian Maties, Associate Editor

Equitable BuildingAnother downtown Baltimore office building has been converted into apartments and is now ready to receive its first residents.

The Equitable Building, at 10 N. Calvert St., was originally constructed in 1891 and is considered Baltimore’s first skyscraper. Once an office property, it is now home to 189 apartments.

JK Equities, the developer, purchased the historic property in late 2013, from the Equitable Holdings Trust, for $7.2 million. Soon after the acquisition was closed, the Long Island, NY-based company announced its intention to redevelop the building and turn it into apartments.

The cost of the project was $32 million.  It was financed with the help of a $21.5 million loan from Wall Street firm Natixis Global Asset Management.

According to the Baltimore Business Journal, the renovation maintained many of the nine-story building’s historic features, such as the original lobby or the marble stairwells. Amenities at The Equitable include a fitness and yoga studio, conference rooms, business center and rooftop dog park. The newspaper also said that rents start from $1,342 per month for a 500-square-foot apartment.

JK Equities has hired Bozzuto Management Co. to manage the 225,000-square-foot building. Leasing started in February. The first tenants moved in on June 22.

Photo credits: JK Equities

Massive Greater Baltimore Industrial Building Changes Owners

1 Jul 2015, 7:00 am

By Adrian Maties, Associate Editor

1954 Halethorpe Farms RoadThe strong industrial market in the Baltimore-Washington Corridor region has registered another sale. Blue Ocean Realty is the latest company to add its name to the list of industrial buyers in the area.

The Baltimore-based firm’s new acquisition is the massive industrial building at 1954 Halethorpe Farms Road. It purchased the property from the Halethorpe Business Trust for an undisclosed price. MacKenzie’s Investment, Industrial and Capital teams worked together to arrange the sale. Michael Spedden, vice president, and Don Schline, senior vice president and principal, both of MacKenzie Commercial Real Estate Services, LLC, represented the seller in the transaction. Capital advisory services were provide by John Black, president of MacKenzie Capital Company, LLC.

The 680,000-square-foot facility is at 1954 Halethorpe Farms Road. According to MacKenzie, the property was fully leased at the time of the sale to seven tenants. Of these, Alcoa, one of the largest producers of aluminum in the world, occupies 55 percent of the building. The company has recently renewed its lease at the Halethorpe facility.

In a news release, Don Schline said that the building attracted a number of regional and institutional bidders, thanks to its ceiling heights, location in the Baltimore-Washington Corridor and the Alcoa renewal. “With this acquisition, Blue Ocean has obtained instant market scale as they continue to grow their industrial portfolio,” he added.

Photo credit: www.mackenziecommercial.com            

Maryland Gets New LEED NICU

30 Jun 2015, 2:51 pm

By Adrian Maties, Associate Editor

The state of Maryland is now home to another neonatal intensive care unit. On June 23, the University of Maryland Children’s Hospital (UMCH) and the University of Maryland School of Medicine’s Department of Pediatrics unveiled the new Drs. Rouben and Violet Jiji Neonatal Intensive Care Unit. It is one of only two NICUs with a level IV designation, the highest level of care available for critically-ill newborns, in the state.

The new facility is three times larger than the old NICU. It has 37,000 square feet of space and 52 private rooms. Each room is equipped with a couch, so that parents can stay with their babies, and many other features, such as controllable light and sound. The new NICU also includes an imaging room and a lactation room. It was designed to achieve LEED certification.

According to UMCH, the project took ten months to complete. It was developed at a cost of $30 million, $10 million of which came from donations. Jeffrey Rivest, president and CEO of the University of Maryland Medical Center, home to UMCH, said in a news release that the project would not have been possible without the help of private donors.

Barton Malow was the project’s contractor. Marshall Craft Associates Inc. was the architect, with Emjay as mechanical contractor, BoMark as electrical contractor and Kovacs Whitney & Associates, Inc. as the engineer.

New Face, New Name for Westminster Seniors Apartments

29 Jun 2015, 3:44 am

By Adrian Maties, Associate Editor

Westminster OverlookThe former Locust House Apartments, an apartment community for seniors and adults with disabilities in the city of Westminster, is back in business. But now it has a new face and a new name.

The renovated property, now called Westminster Overlook, celebrated its grand reopening on June 25. Westminster Mayor Kevin Utz was present at the event, together with officials from Enterprise, the owner of the property, and other dignitaries, development partners and local residents.

Westminster Overlook is a seven-story building located at 30 Locust St. Built in 1978, it consists of 98 one-bedroom rental units for low- and moderate-income seniors and adults with disabilities. The renovation project was the first in the property’s history. It brought a new roof, upgrades to the building’s systems, many green features and the modernization of the kitchens, bathrooms and community spaces.

Enterprise purchased the property three years ago. It invested a total of $15.1 million in the acquisition and renovation. The investment was financed with the help of Low Income Housing Tax Credits, state Rental Housing Works and Partnership Rental Housing funds, a Maryland tax-exempt bond purchased by Bank of America, an FHA-insured permanent loan from Wells Fargo Bank, a grant from the Federal Home Loan Bank of Atlanta, developer equity and in-kind support from the city of Westminster.

Architecture by Design was the project’s architect, with Harkins Builders Inc. as the general contractor. Property management services are provided by Habitat America. According to Enterprise, Westminster Overlook Apartments is currently fully leased.

Photo credit: Enterprise

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