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The Real Estate Wonk Baltimore's residential real estate and commercial development news
Union Wharf apartments sell for $121.5 million

A Delaware-registered buyer this month purchased the Union Wharf apartments in Fells Point for the eye-popping price of $121.5 million.

The Bozzuto Group completed the $72 million waterfront complex with 281 units in 2013. The price nets the Greenbelt-based firm and its partner, the Cigna health insurance company, more than $430,000 per unit – higher than anything in Baltimore and on par with sales of apartment complexes in the Washington area.

“That is much higher than anything I’ve ever seen in Baltimore City,” said William Rich, director of the multi-family practice at the Washington-based research firm Delta Associates.

The property was placed on the market last year. The deal closed March 18.

Bozzuto Group CEO Tom Bozzuto said the firm received more than a dozen initial offers, which narrowed to a final few that “kept raising their price.” He declined to disclose the buyer, but land records identify the group as I&G Direct Real Estate 37, LP, which shares a business address with J...

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Mobile app finds homes with parking

To live in Federal Hill is to know the value of a home with off-street parking.

Ronald Monk has lived there seven years, and even though he has access to a high school parking lot and doesn't have too much difficulty with parking himself, he's seen his neighbors' troubles. He's seen them ticketed for parking too close to a corner, or for straying outside their residential permit zone, struggling even if they're willing to pay for a space.

"It's very difficult to find garages that rent spaces," said Monk, a Realtor with Berkshire Hathaway HomeService PenFed Realty, which has an office on Fort Avenue.

He now offers an abiding 21st-century response: There's an app for that.

ParkRE will debut at the end of this month, offering house hunters a way to find a place that has off-street parking in Federal Hill and beyond. Working for about a year with real estate listings compiled by Metropolitan Regional Information Systems Inc., he and the Baltimore company Mindgrub Technologies have developed a...

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Sagamore Development presents designs for Port Covington distillery

Under Armour CEO Kevin Plank’s real estate firm to transplant a piece of Baltimore County to a waterfront parcel in Port Covington, building three, large, barn-like buildings to house a restaurant and whiskey-making plant.

The Sagamore Spirit distillery, another Plank venture, is the first new construction to be discussed publicly for the more than 120 acres assembled by Plank’s Sagamore Development Co. on the South Baltimore peninsula. Sagamore Development is working on a master plan for the area, where Plank wants to build a mixed-use hub for Under Armour and its employees.

Plans for the 301 East Cromwell Street parcel call for a 27,000-square-foot distilling center, 22,000-square-foot-processing plant, 12,000-square-foot restaurant and a small “support” building. A 120-foot, yet-to-be-designed water tower would hold limestone-filtered water trucked in from Plank’s Sagamore Farm to be used in the distilling process.

Designs by Baltimore architecture firm Ayers Saint Gross also show a...

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Developer presents designs for Stadium Square apartments

The developer of a new six-story apartment building in Sharp-Leadenhall hopes to break ground this year on the project, planned to be the first part of a larger redevelopment of the area.

Texas-based Hanover Co. presented designs to the city Wednesday for a 293-unit apartment complex with a clubhouse and interior courtyard springing up from a square block between Cross, Race, Leadenhall and West streets.  Plans by Design Collective call for about 500 parking spaces inside a garage and 14,200 square feet of retail on the ground floor.

It would be the first new building erected on parcels assembled last year by Towson firm Caves Valley Partners, which said it hoped to create a $250 million mixed use redevelopment in the area, dubbed Stadium Square. The firm, also part of the team seeking to take over the management of Cross Street Market, is also working on plans for an office building, said partner Arsh Mirmiran.

Hanover Co., which built the Crescent in Fells Point and Hanover Brewers...

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Baltimore-area home sales continued strong pace in February

Home sales in the Baltimore area continued to surge in February, although that partly reflected a big jump in foreclosed property sales compared with a year ago.

Sales in the city and five surrounding counties last month jumped 21 percent from the year before to 1,861— the most since 2007, before the housing market collapse — with the median sales price down slightly, according to a monthly market report released Tuesday by an affiliate of the region's multiple listing service.

Issued by RealEstate Business Intelligence, a subsidiary of Metropolitan Regional Information Systems Inc., the report attributed both the jump in sales and the decrease in prices largely to the same factor: sales of foreclosed properties, particularly in Baltimore City.

One in four of February's sales — 443 total — involved a lender-owned foreclosed property. That's an 85 percent increase from February 2014, and it approaches levels not seen since 2011. In the city, one in three sales...

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Station North apartments move step closer

A developer is seeking city approval to build an apartment complex over a portion of Lovegrove Street in Station North.

The building would be located on properties behind the Chesapeake Building that's used as parking lots today.

A bill to authorize the sale of air rights above Lovegrove Street at 22 and 24 East Lanvale Street was introduced to the City Council on Monday. The air rights, as well as the closure of two small alleys nearby, allow for the assembly of a larger site, according to a Planning Department report from 2012.

Developer Ernst Valery said it is too early to say specifically how the air rights would be used in the design of the proposed building, expected to include between 85 and 95 apartments, as well as parking and retail space. His Ernst Valery Investments Corp. and SA + A Development plan to present building designs to the city in the next few weeks, he said.

Under an agreement, Lovegrove Street would remain open, said Marcia Collins, a city legislative officer...

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