Construction will begin this summer on a $25 million building with market-rate apartments, a 247-car garage and retail.
Developer Chesapeake Realty Partners
expects the project to be completed in the spring of 2014. The Owings Mills company also spearheaded the apartment complex across the street at 1901 Patapsco St.
Plans for the as-yet unnamed project at 2 East Wells St. call for 153 apartments, including 96 efficiencies and 57 one-and-two bedroom units. Renters can expect to pay, on average, about $1,800 per month.
Currently, there are warehouses and offices on the lot, which also includes 1800 and 1802 Patapsco Streets. Mayers says he believes this is an opportunity to “create a new version of an existing neighborhood,” with good walkability and easy highway access.
The project also calls for 6,000 square feet of retail, says Chesapeake Realty President Jonathan Mayers. Facing East Wells Street, future retail tenants will serve the local community, and could include a bagel and coffee shop, nail salon, or a small local grocery, Mayers says.
“There’s really few commercial or industrial buildings left, and everything else in the neighborhood is more or less rowhomes or new apartment buildings,” Mayer says.
Demand for apartments remains strong throughout the city as many apartment complexes report nearly 100 percent occupancy rates.
“We feel there’s a dearth of housing options in the south Baltimore market,” says Josh Fidler, Chesapeake’s chief operating officer. He says the area holds a number of assets, including Riverside Park, the headquarters for the National Federation of the Blind
and the former Pabst brewery that is set to reopen this summer
Mayers says the garage will be large enough to offer secure parking for tenants and visitors, with additional spaces available for lease. Plans also call for widening the alleys around the new building, making parking and access easier for the existing rowhomes on South Charles, Barney and Patapsco Streets.
Jonathan Mayers and Josh Fidler; Chesapeake Realty Partners