The owner of The Village of Cross Keys plans to start building an upscale 350-unit apartment building at the North Baltimore retail, residential and office complex through a joint venture announced Thursday.
Towson-based Caves Valley Partners, which acquired the long-struggling center for $27 million in July, has entered a joint venture with Questar Properties to build the apartments on part of the former Cross Keys Tennis Club and an adjacent parking lot.
Baltimore-based Questar will lead the development, expected to start by the middle of next year and be completed by late 2023.
The building is part of a broader redevelopment of Cross Keys’ office and retail sections by Caves Valley.
Arsh Mirmiran, a Caves Valley partner in charge of Cross Keys, said developers planned to proceed with redevelopment amid the pandemic in part because of community support for the new housing.
Mirmiran said Caves Valley selected Questar from nine proposals from local, regional and national apartment developers. Questar also developed the 414 Light Street project at the Inner Harbor in downtown Baltimore.
Questar, run by Stephen M. Gorn, chairman and CEO, and Zach Gorn, vice president and principal, envisions a design with a resort-like feel, including a swimming pool deck, a multilevel amenity package and outdoor community space.
Caves Valley announced its first round of new retail and office leases in January.