Owners of a warehouse just south of Federal Hill in South Baltimore plan to remake the building into apartments, potentially adding 140 units to an area that has seen hundreds of units open in recent years.
The building at 1901 Light St. is nestled between several other apartment buildings redeveloped out of industrial properties on Wells Street, near train tracks and roadways that separate the neighborhood from more development planned at Port Covington.
“Despite what appears to be a glut of new multifamily deliveries in recent years, Baltimore has continued to display strong multifamily market fundamentals,” said Dean Sigmon, executive vice president of Transwestern Commercial Services, which announced the project.
Transwestern’s Mid-Atlantic Multifamily Group has been hired as an adviser and plans to partner with a developer on the building.
The historic empty building is owned by Ossani Investments Inc. and is assessed for tax purposes at $1.4 million, according to CoStar Group and public land records.
The building will have to compete with other apartment projects recently completely or underway. Transwestern is touting the 19th-century building’s high ceiling, brick facade, exposed wood beams and place on the National Register of Historic Places, which could afford the project state and federal historic tax credits.
Transwestern cited a Delta Associates apartment market report that found Baltimore absorbed nearly 1,900 units in the first quarter, nearly double the number a year ago. The report also found that rents went up 3.8 percent in the Federal Hill-Locust Point area in the year ending in March.