DEVELOPMENT ISSUES:

The property is owned by the city and is adjacent to the Station North Arts and Entertainment District. This site is across to the Lyric Theater and the Meyerhoff Symphony Hall. This is the center for Baltimore theater as well as being adjacent to Universities and the potential of a strong commuter potential only 2 blocks from the Amtrak station.

OPPORTUNITIES:
The site is a vacant lots adjacent to the Meyerhoff Symphony Hall parking garage and is owned by the city. The site is relatively small and has gone unrecognized for years (currently used as a surface parking lot by the U of Baltimore). Because of the availability of existing parking adjacent, we save the impact (and cost) of providing on site parking.

DESIGN SOLUTION:
By taking advantage of the existing parking garage we are able to build a 20-story apartment building without the cost of incorporating parking; this made the development an excellent investment that no previous developers had recognized.

PRO-FORMA:
Number of apartments, 240 apartments
Number of parking, 0 parking spaces (adjacent parking garage)
Retail SF 36,000 SF
Acquisition cost,$2,500,000
Total development cost, $42,000,000,
Hard cost, $33,600,000, Soft cost $5,860,000,
Rental income, $5,250,000 yr 4
Qualifies for city 15-year tax credit
IRR, 27.6%
NOI/ Total development cost, 10.3%