The Baltimore Development Corp.'s board on Thursday morning approved the sale of a warehouse site in the neighborhood just north of Little Italy and east of downtown so that a $45 million apartment complex can be built.
The property, at 1107 E. Fayette St. in Jonestown, will be sold for $180,000. That is the appraised value of the property minus $275,000, the amount that it is estimated the demolition of the structure on the site will cost, according to Darrell Doan, the BDC's managing director of real estate development.
Development and construction firm The Commercial Group, based in Hanover, plans to build a mid-rise, market-rate apartment building -- with approximately 250 residences and an interior courtyard -- that will take up the whole block. The company has already acquired the other properties in the construction footprint, Doan said.
One of the properties that will be incorporated into the development is the historic Hendler Creamery, which The Commercial Group purchased last year for $1.1 million.
All structures on the site except the creamery building are slated for demolition, Doan said. The creamery will probably be used for commercial space and amenities for the apartment complex, such as a gym and lobby, he said.
Work on the site is expected to begin in 2014.
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