Developers have begun construction on a 62-unit, market-rate apartment building on a corner in Bolton Hill formerly used for parking.
Somerset Development Company LLC, New Community Partners LLC and the nonprofit Memorial Apartments Corporation are building The Flats at Eutaw Place.
It’s the $14.2 million, second phase of construction on a 3.6 acre site at the corner of Eutaw Place and McMechen Street in Baltimore. In the first $26 million phase, Memorial Apartments, with 266 affordable housing units for seniors, were renovated and renamed Linden Park Apartments.
The Flats project is funded by a $11.7 million loan from Wells Fargo Bank that is federal insured under a housing program that aims to facilitate building or improving apartments for moderate-income families, elderly and the handicapped, developers said.
It also will benefit from a city property tax program for building apartments meeting energy efficiency standards.
Officials with Somerset, a Washington, D.C.-based developer with a Baltimore office that works on revitalization projects, said The Flats at Eutaw Place will fill in a “missing tooth” that will help create a mixed-income community.
The officials said the new apartment building will include a gastro pub on the first floor and offer a fitness club, roof-top terrace and dog park. It’s slated to open in spring 2019 and developers aim to attract students from nearby Maryland Institute College of Art, young professionals and empty nesters.