$22 million mixed-income apartment building under construction in West Baltimore

Three developers on Wednesday announced a $22 million redevelopment plan to turn a West Baltimore warehouse into an 80-unit mixed-income apartment complex.

A former industrial warehouse at 300 N. Warwick Ave. has been demolished and construction began in August. The apartments are expected to open in October 2018.

Developers intend to leverage the property’s location — a few blocks from the West Baltimore train station and close to several bus routes — to market the building to working families.

“We’re excited to bring additional housing units to a neighborhood that can absorb them and where there is a need for sustainable, quality housing in close proximity to transit and job opportunities,” said Steve Moore, a founding partner of the Foundation Development Group in Annapolis.

The project is a partnership between Foundation Development, Baltimore-based Poverni Sheikh Group and Rellim Development, based in Prince George’s County.

Eugene Poverni, a principal at Poverni Sheikh, said the firm had been looking for an opportunity to build family housing in West Baltimore, and the Warwick site was a good choice because of its proximity to public transit.

“We felt there was a need on the west side of the city for quality housing and the question was where,” Poverni said.

Poverni wanted the property to offer a mix of affordable and market-rate units, and sought to partner with Rellim Development and Foundation Development, which have more experience in affordable housing, he said.

The building will include a business center, community room, green space and a common area with wireless Internet. Outside, the group plans to improve the landscaping and add some playground equipment for children.

The group purchased 1.5-acre property for $1.8 million in December, Poverni said.

The project is supported by $14 million in low-income housing tax credits, awarded in December 2015, a $1 million conditional loan from the state and the state’s tax credit program for brownfields revitalization.

sarah.gantz@baltsun.com

twitter.com/sarahgantz

Copyright © 2017, The Baltimore Sun, a Baltimore Sun Media Group publication | Place an Ad
37°