Anticipated 2013 Real Estate Developments in South Baltimore
After one of the biggest economic and real estate recessions in U.S. history, South Baltimore had a great year real estate-wise in 2012. We saw the completions of mixed-use developments McHenry Row and 1111 Light Street, as well as the new apartment building 1901 South Charles. New townhome developments were sold quickly on Light St. and in Riverside and Locust Point. Home rehabs also had a big bounce-back year as shells were bought up very quickly and turned into renovated rowhomes.
2013 is shaping up to be an even bigger year. Let’s take a look at some of the anticipated projects that will continue to change the landscape of South Baltimore:
Harbor Square: This new ten-townhome development at Fort Ave. and Patapsco St. is underway at the former site of the CVS. The existing building has been demolished, sewers have been connected, concrete footers have been put it and lumber just showed up at the site today. Amazingly, eight of the ten homes have already been sold at a price of more than $400,000 before these homes have even begun to rise out of the ground. It should be expected that these homes go up very quickly.
Horseshoe Casino: Caesars Entertainment is now officially the casino operator in Baltimore and their $400 million casino on Russell St., south of M&T Bank Stadium, is now underway. Whiting Turner, the contractor for the project, has begun setting trailers up on the site and demolition has begun on the existing buildings once used by Second Chance. The casino is slated to open in mid-2014 and it will certainly give Russell St. a completely different look. We are also awaiting the official announcement and details of a new Hammerjacks music venue at an adjacent warehouse.
2 East Wells: Wells St. once looked like a street that society forgot. But now, thanks to a few new developments, the street is transforming from dud to stud. Chesapeake Realty Partners recently finished 1901 South Charles and their next big project will be mixed-use development 2 East Wells. This project will feature 153 apartments and 6,000 square feet of retail along Wells St. It will also feature a 260-car parking garage that will provide approximately 50 spots available to neighbors for lease.
Chesapeake is about to perform an environmental cleanup on the property and full scale construction could begin by summer. Chesapeake Craft Brewers is also hoping to soon resume construction on a brewery and tap house at the Pabst Castle at corner of Charles St. and Wells.
Riverside Wharf: This development at the corner of Lawrence St. and Key Hwy. will be the the first project in the new Key Highway master plan. This office and retail development will feature a 14,000 square foot Walgreens with 60 designated parking spots, as well as 25,000 square feet of office space with 90 designated parking spots. This project will begin in the next few weeks and construction is projected to take just over a year.
Under Armour Expansion: Under Armour is one of the fastest growing companies in the region and they are doing their best to keep as many of their employees at their Tide Point headquarters. It appears construction on a visitors center, skywalk and retail store will be their next expansion at their campus as the plans were recently approved by the city’s Urban Design and Architecture Review Panel. The skywalk would connect their two office buildings separated by Nicholson St. as well as the visitor center which will take the former home of Harvest Table.
1201 South Charles: The long-vacant Lutheran Mission Society at 1201 South Charles St. adjacent to Ropewalk is being proposed as a five-story apartment complex with 16 two bedroom apartments, 16 parking spots and first floor retail. The project is going before zoning in February or March and they are hoping to begin construction by the summer.
Silo Point Townhomes: McHenry Row developer Mark Sapperstein has acquired land surrounding Silo Point from Patrick Turner and is hoping to construct 54 townhomes. Their design has been approved by Urban Design and Architecture Review Panel and construction could start in the fall.
Raffel Apartments: Azola Companies has joined a team looking to renovate the Raffel Building which is the vacant warehouse at the corner of Heath St. and Clarkson St. in South Baltimore. They are currently finalizing plans for a potential apartment building with ground retail. We expect more details in the near future, but they are hoping to move very quickly when the project is approved.
GE Site: The site of a former GE plant on Fort Ave. in Locust Point is being eyed by an investment team for up to 200 apartments and 16,000 square feet of retail. They are hoping to soon finalize design plans and start by the end of the year. Initial plans have already been shared with the Locust Point Civic Association. Having seen those plans, it will give the corner of Lawrence St. and Fort Ave. a completely different look as development could be up to 100 feet tall.
Update: I’m hearing this development has been purchased by another developer and is now off the table.
These are the major projects we are hearing about for 2013 and I’m sure we’ll be hearing about several more in the near future.