Mount Vernon Apartment And Retail Project Could Include A Third Phase
The developer of two neighboring apartment buildings and a ground-level food market in Mount Vernon has rebranded the property and says the project could now include a third phase.
The Time Group is calling the development—which encompasses Mount Vernon Marketplace, 500 Park Ave and 520 Park Ave—Mount Vernon Centre, development director Dominic Wiker says. Dominic will be a panelist next month at Bisnow's Future of Downtown Baltimore event.
“We thought there should be an umbrella identity for that project,” Dominic says. While each component operates independently, they work together, he says.
The 153-unit apartment complex at 500 Park Ave (pictured) will deliver its studios, one- and two-bedrooms in June. Amenities at the $29M development will include a rooftop deck, vanishing-edge pool and 4k SF of retail. Dominic says he expects the retail will likely be services, such as hair salons or dry cleaners, rather than food.
Mount Vernon Centre could include a third phase on Howard Street, between Franklin and Centre, the site of two surface parking lots. The addition could include anything from offices to more apartments and shops, Dominic says. What the third phase will include will depend on the strength of the overall market and the progress of redevelopment of Howard Street.
“I don’t think there’s going to be any imminent decision on this,” Dominic says. Development costs for Mount Vernon Centre could total $100M, factoring in the third phase.
The developer is constructing the apartments at 500 Park on a surface parking lot next to the apartment and retail building at 520 Park Ave. The redevelopment of the former Hochschild Kohn Warehouse contains 171 contemporary-style apartment units, which are 95% occupied, Dominic says.
Its key amenity, Mount Vernon Marketplace, has added Juniper Culinary Apothecary, Mi & Yu Noodle Bar, and will add Cholitas Taco in January. Charcuterie and cocktail joint Cultured, Pinch Dumplings, The Local Oyster and Taps Fill Station are among the other food selections. Ceremony Coffee Roasters, a growing Annapolis-based coffee house, is adjacent to the apartment and retail building.
Learn more about this project and others at Bisnow’s 5th Annual Future of Downtown Baltimore, Tuesday, Dec. 13.
