Renovations to turn an 18-story office building in downtown Baltimore into nearly 350 apartments are scheduled to begin in March and finish next year, developer Monument Realty said Tuesday.
Interior demolition at 225 N. Calvert Street, a former Bank of America building near Mercy Medical Center, is already underway. The project is slated to be completed at the end of 2017, the Washington firm said.
The 346-unit building is Monument's first project in Baltimore. The firm purchased the property, which had been vacant, for $4 million in December 2014.
Monument is working with HQ Capital Real Estate LP, Profimex Ltd. and EB5 Capital on the project, which is financed with a $47.4 million construction loan, as well as $20 million in preferred equity through EB5 Capital, a firm that raises money through the federal EB-5 program, which offers visas to foreigners who invest at least $500,000 in projects that create or preserve a minimum of 10 jobs.
The building is to include 9,535 square feet of ground floor retail, more than 430 parking spaces, an outdoor pool, sheltered pet area, fitness center and rooftop lounge. The firm still is working out rental rates, as well as details of a mural planned to shield some of the parking levels, Monument Realty spokeswoman Pam Zandy said.