This Week's Baltimore Deal Sheet
Construction is underway on a $53.1M multifamily development in West Baltimore.
Pennrose, KMJ Uplands LLC and B&W Solutions celebrated the groundbreaking on Uplands Phase 2, a plan that includes transforming a portion of the 63-acre site along Edmondson Avenue with 150 affordable and workforce apartments.
The overall $237M Uplands redevelopment plans include 719 multifamily units and roughly 10K SF of community and retail space. New homes will include a mix of for-sale and rental units across a spectrum of affordabilities. Plans call for various building types, including townhomes, duplexes and triplexes.
The development dates back to 2013. In Phase 1, Bozzuto Group delivered 178 for-sale homes, 104 mixed-income rental apartments and a community building.
“We are incredibly excited to take the next step in bringing the comprehensive Uplands redevelopment to fruition,” Pennrose Regional Vice President Patrick Stewart said in a statement. “Uplands is in the unique position to shape an entire neighborhood, and we look forward to adding thoughtfully designed affordable housing options, amenities, and infrastructure updates to this vibrant neighborhood.”
SALES
Federal Hill Mortgage has moved its offices to 1240 Key Highway after the company purchased the 10K SF office building for $2.3M in February, Southbmore.com reports. The firm's office was previously located at 904 Light St.
LEASES
Dutch retail and wholesale holding company Ahold Delhaize has hired JLL to lease a 13-building Giant Food-anchored portfolio totaling 1M SF, which includes properties in Baltimore, D.C. and Northern Virginia, ConnectCRE reports. JLL's Thomas Jackman, Andy Corno, Jeff Bach, Joe Botzler and Bryan Cyphers will manage leasing for the portfolio.
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Coworking provider Venture X expanded its footprint in Maryland with a new 20,400 SF space at 8865 Stanford Blvd. in Columbia. The company plans a grand opening celebration for the space Wednesday afternoon.
DEVELOPMENT
Work started this week in the 400 block of Park Avenue in Baltimore to clear the way for a $30M 94-unit apartment building, Baltimore FishBowl reports. Park Avenue Partners' plans for the site include restoring part of the 214 West Mulberry St. building that housed locally renowned eatery Martick's Restaurant Francais.
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On Friday, Gov. Wes Moore helped Tradepoint Atlantic celebrate the start of construction on an offshore wind energy facility at the massive development site of the former Sparrows Point steel mill, Maryland Matters reports. Political, business and labor leaders hailed wind energy development as central to the project's ambitions to spark an economic renaissance at the site.
