The Time Group, a Baltimore real estate firm, expects to start conversion of an industrial building in Hampden next summer, as the largest tenant stops making concrete construction products there next year.
Simpson Strong-Tie this month notified the state of its plans to close the plant at 3100 Falls Cliff Road, laying off 73 workers, effective Feb. 28. The firm, which had been planning to vacate the property for at least a year, occupies about two thirds of the roughly 120,000-square-foot building, said Dominic Wiker of the Time Group, which has also worked on the former Hochschild Kohn warehouse in Mount Vernon.
The Time Group plans to redevelop the building into 85 to 100 market-rate rental units, with some space for studios, Wiker said. The firm is working in partnership with the Fox family, which owns the property, as well as Alexander Design Studio and Whiting-Turner.
The roughly $20 million project is eligible for a city tax credit for apartment buildings, as well as historic tax credits, Wiker said. The converted building could open as soon as 2018, he said.
Simpson Strong-Tie did not respond to a request for comment Tuesday morning. The company has been in the building since purchasing Fox Industries in 2011 for about $8.7 million, according to a filing with the Securities and Exchange Commission.
It is a subsidiary of California-based Simpson Manufacturing, which makes wood and concrete construction products at facilities around the world.