News
HELLO, FORT HOWARD
May 3, 2011
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| Yesterday, Fort Howard Development Group president Tim Munshell gave us an exclusive tour of the eastern Baltimore County site. He's transforming it into a $500M mixed-use project with around 1,500 residential units and 100k SF in retail space, as well as several healthcare uses (work hasn't started yet, so we snapped him in front of a tree). The land is owned by the Veterans Administration, which stopped using it in 2002: Tim tells us he expects to have a 75-year enhanced use lease with the agency inked by the end of the month, allowing him to move forward with construction. |
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| Phase 1's focal point is the village center. Tim tells us it'll have 400 apartment units over 100k SF of retail, surrounded by 24 residential units in historic houses. Development costs are around $150M, Tim says, and it's fully financed through a combination of FHA-backed and traditional loans (equity requirements for Phase I are $30-$35M). Work on the houses starts this summer. Tim says the village center still needs PUD approval, but he hopes to start construction by Q1 2012. |
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| Tim is in talks with a major healthcare provider to operate this 100k SF hospital. Phase 2 will have two seniors housing buildings, two assisted living facilities, two apartment buildings for single mother veterans, and 32 waterfront units in eight buildings. It'll be market-driven, so it has no timeline or financing (yet). According to the lease, the developer will construct a 10k SF VA outpatient clinic to replace the outdated 7.5k SF one on site. Everything else will be privately operated. |
