PMC Property Group Inc. has closed on the acquisition of 301 North Charles Street. Kirby Fowler, President of the Downtown Partnership of Baltimore, announced the acquisition via Twitter. The building will be converted to apartments.
301 North Charles Street is a 92,500-square-foot office building at the northeast corner of Saratoga Avenue. It was constructed in 1930 and served for a long time as the headquarters of the Baltimore Life Insurance Company. The high-rise has 11 floors above ground and one below.
PMC acquired the building from USP Management LLC, a Falls Church, Va. company. The price of the transaction has not yet been disclosed. USP Management purchased 301 North Charles Street in 2006 for $6.89 million. The Maryland Department of Assessments and Taxation values the property at about $6.5 million.
In September, the Baltimore Business Journal reported that PMC plans to invest $15 million to redevelop 301 North Charles Street and convert it into an apartment asset with 92 units. The Philadelphia-based company’s plans call for apartments ranging between 700 square feet for one-bedroom units and 950 square feet for two-bedrooms, as well as about 5,000 square feet of retail space on the first floor. About 80 percent of the apartments will be one-bedroom units.
PMC has completed several projects in Baltimore City, and it is still involved in many projects in Baltimore’s Mount Vernon neighborhood. Known as a company that typically completes residential projects in less than a year, PMC is expected to deliver almost 200 apartments to the Mount Vernon area in the coming months.
Photo credits: Google Maps.