DEVELOPMENT ISSUES:
This project was a small existing office building in the Mt Vernon area of Baltimore. The building has three floors with a very random window pattern which does not allow for a very efficient (or profitable residential redevelopment). The building is in a historic district of Baltimore.

OPPORTUNITIES:
This area of Baltimore is a very popular residential and entertainment area. Housing in the area is consistently at 98% occupancy. This structure gives an opportunity to develop an underutilized building for residential.

DESIGN SOLUTION:
We proposed to demolish the interior of the building, saving only the exterior wall. Inside the wall we proposed to build a 6-story glass box with a balcony at each apartment connecting to and bracing the exterior wall. To allow for additional light we proposed adding additional openings also in a very random pattern. This allows for a very interesting play of light into the apartments and gives framed views to the adjacent neighborhood.

PRO-FORMA:
Number of apartments, 36 apartments
Number of parking, 0 parking spaces
Retail SF, 3,720 SF
Acquisition cost, $1,080,000
Total development cost, $5,180,000
Hard cost, $3,047,000, Soft cost, $1,052,000,
Rental income, $567,000 yr 4
IRR, 22.04%
NOI/ Total development cost, 8.5%