Joint Venture To Redevelop Historic Downtown Baltimore Buildings into New Lofts
- Sep 22, 2014
The Poverni Sheikh Group is involved in the redevelopment of another Baltimore historic property. In January, the company announced it joined forces with Management Restoration Services LLC to turn the Raffel Building, an abandoned warehouse at W. Heath Street, into upscale apartments. Now, together with Meisel Capital Partners, it has formed a joint venture called Central Savings Bank Shops & Flats, for a historic commercial-to-mixed-use conversion project in the city’s downtown.
The two Baltimore-based companies plan to turn three connected landmark buildings at the intersection of E. Lexington and N. Charles streets into 26 modern apartments above 12,000 square feet of ground floor retail space. Construction is scheduled to start next summer, with completion set for 2016.
According to The Baltimore Sun, the joint venture purchased the three buildings last month, from the Baltimore and Annapolis Railroad Company, for $1.2 million. It will invest more than $5 million in the project. Financing will include historic tax credits.
Architect Urban Design Group, LLC will help bring the joint venture’s vision to life. The new apartments at the Central Savings Bank will have 14-foot ceilings, decorative wrought iron banisters, marble floors, oversized windows and numerous 1890 architectural decorative features. Urban Design Group has also worked with Poverni on the redevelopment of the Raffel Building.
“The Central Savings Bank Building is one of the few remaining grand buildings from the 19th century and we are proud of the opportunity to restore it and contribute to the continued revitalization of downtown Baltimore,” Ibrahim Sheikh, principal of Poverni Sheikh Group, said in a press statement.