Bel Air developer
Stonington Partners is planning 25 new townhomes in a former Natty Boh warehouse in Brewers Hill.
Demolition of the warehouse between South Eaton and Fagley streets will begin early next year and construction on
Merchant Hill homes will begin shortly thereafter. The Merchant townhomes feature an open-floor plan and industrial look.
The homes, with an average of 2,300 square feet and prices starting at $500,000, will be move in ready by late 2014, says ReMax Preferred Realtor Trent Waite, the agent for Merchant Hill. Waite says the development cost has not yet been determined.
Merchant Hill joins two other Stonington residential developments in East Baltimore:
• Merchant Point: The 17 townhomes in the 1700 block of Aliceanna Street in Fells Point will be ready at the end of August. Prices for the 2,600- to 3,200-square-foot homes start at $659,000. All homes have been sold.
• Merchant Square: Work on the eight townhomes in the 100 block of South Ann Street in Fells Point will start late May and will be completed by the end of the year. Four homes are currently under contract. Prices start at $530,000, with an average square footage of 3,250.
While high-end rentals have been sprouting up around Fells Point and other downtown neighborhoods, like the $70 million Union Wharf apartments opening in May, buyers are “figuring out they’ve been paying $3,000 in rent when they can have $3,000 in equity,” Waite says.
Home prices in Baltimore City rose 26.4 percent in March, according to Metropolitan Regional Information Systems.
Waite says Stonington Partners has built a niche in developing custom look homes in urban neighborhoods.
Writer: Amy Landsman
Source: Trent Waite, Realtor, ReMax Preferred