A development proposal, despite it all
Amidst the drumbeat of delayed and canceled residential projects comes a -- well, whatever the opposite of a drumbeat might be: A developer is proposing to build something. Yes! Really!
As Edward Gunts reports today, Baltimore-based A&R Development Corp. wants to turn several properties, including city-owned land, into "a $17 million apartment and retail complex" near Little Italy. The Baltimore Development Corp., the city's economic development arm, gave the company the right to exclusively negotiate for the property:
A&R proposed combining the city land with several privately owned parcels to create a five-story mixed-use project containing 107 rental apartments, 156 parking spaces and 18,000 square feet of street-level retail space at the intersection of Central Avenue and East Lombard Street.
A proposal isn't the same as starting construction, of course. But it does mean a developer sees light at the end of the tunnel -- no matter how far off.
What sorts of things do you want to see built in the region? Or are you of the opinion that less construction is good?
And help me out here: What is the opposite of a drumbeat?
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Comments
I was driving up Smith Avenue from Mt Washington recently and noticed that the old Bonnie View golf course property development had stalled.
As appealing and appropriate as the proposal appears to be... If development in as strong a market as the Smith Avenue corridor can't support itself then what business does the City (or State) have getting involved in this business?
OTOH... if the City were to do something actually constructive to bundle large tracts in the derelict sections for re-development the City would find it doesn't need to do much more than "get out of the way" to let developers and rehabers do their thing.
Posted by: MrRational | June 3, 2009 9:47 AM
Well, I think 2 other things to consider in making a proposal like this now is first, the availability and rates of construction and mortgage financing (can the developer lock into a really low interest rate?) and second, what is the time line from first shovel in the ground to first offering of units? You said that the residential units would be rentals, which may be wise considering the glut of condos. And in rentals, you're not worried about buyer financing; you're worried about turning around the units and pricing the leases according to the market and in a manner that still ensures profit.
Even if they were condos, might it not be feasible that by the time the commercial and residential units were ready to be offered (potentially a few years from now), the RE market will have stabilized and be in a more rational place?
It's a gamble, but maybe a shrewd one.
Posted by: Pete | June 5, 2009 9:48 AM
Well, where I live, just east of this supposed development, and there are three blocks that were torn down and destroyed at Washington and Baltimore. People lived there and were moved out of their homes for what is now, three ugly fenced off vacant lots.
We can't use them for soccer, or for parking or anything.
Let's look at the "townes of Butchers Hill." Half-done, and now a big eyesore of fenced in weeds sits on the corner of chester and Fayette.
And, we know these new condos that are finished are barely occupied. (and there are lots of condos near Little Italy/HarborEast)
I think this developer should look to take over some unfinished projects or put up lots of money upfront, so we are not left with more eyesores.
Posted by: Rich in Baltimore | June 8, 2009 6:12 PM