Being the largest city in the state of Maryland, Baltimore real-estate is very dynamic and anything that it entails happen every day of the week.
Here are some noteworthy real estate happenings in the Charm City over the week:
What’s Not Happening in Baltimore
Plans to develop a five-story apartment building on the site of an empty lot in Baltimore’s Fells Point neighborhood were quashed by a city historic preservation panel Tuesday.
The planned height and mass of the building was too big and did not match the surrounding area
The empty lot at Eastern Avenue and Washington Street where a developer is seeking to build a five-story apartment. Image courtesy of The Business Journal
Developer of the project, Brandon Chase, said it is now “back to the drawing board” for his team as the vicinity is mostly comprised of two- or three-story, single-family rowhomes. Although these plans did not work out, Chase said he remains dedicated to doing something on the property because he wants to see more development in the historic neighborhood.
Plans for the multi-family development were first brought before the Commission for Historical and Architectural Preservation, or CHAP, in February. The panel determined the design was “too aggressive” for the historic block and asked Chasen to return after his team adjusted the scale of the building.
Architect on the project, Justin Seto of SETO Architects, reworked the design and set back the top two floors of the building so that they could not be seen from street-level. A second revision of plans where the top floors are set back even farther, among other small adjustments, were presented Tuesday.
Despite an effort to made the height of the building less visible from the street, residents were still concerned about the building’s overall mass compared to its smaller, neighboring rowhomes. The complex was designed to be just over 50 feet high, with the facade reaching to 30 feet. The average height of single-family homes in the neighborhood is between 30 and 40 feet. Scott Goldman who heads the Fells Prospect Community Association was one of over a dozen people who came to the hearing to show their opposition to the plans as they stood. Full story by Carley Milligan.
Baltimore’s citizens have always been heavily involved with the developments in their neighborhoods. They know perfectly well the damage a vacant house can have on the appearance and overall growth of a neighborhood.
“It Has To Go”
Rachel New American Cuisine at 554 E. Fort Ave. in Federal Hill/Riverside closed in May 2018. Now, the 3,792 sq. ft. three-story building and restaurant space, along with its furniture, equipment, and seven-day beer, wine, and liquor license, are scheduled for a September 7th Alex Cooper auction. The opening bid is $350,000 with an initial deposit of $15,000.
The building features a first-floor bar and dining room, a large second-floor kitchen and dining room, and a third-story office space. The property was renovated before the opening of Rachel in January 2017.
All of the assets in the sale are now owned by the landlord, not by any of the previous restaurant operators. Since the mid-2000s, the location has been the home of Soigné, Sly Fox Pub, Ullswater, Tuscan Fresh, Breadbangers, and Rachel.
The restaurant space is also currently available for lease. Full story by Kevin Lynch.
While some parts of the city are trying to decide which restaurant will join their community, others are growing higher and adding new skyscrapers to our city’s skyline.
Top for Top
414 Light Street. Photo courtesy of Terri Meyer Boake
Baltimore’s tallest, and priciest, apartment building — a shiny 44-story tower in the Inner Harbor — opened its first seven floors to residents this week.
Questar Properties began developing the concept for the building at 414 Light St. seven years ago when it bought the land, formerly the headquarters of McCormick spices, for $11.5 million.
The building has studios renting for $1,800 a month and penthouses advertised for more than $8,000 a month, and pushes the boundaries of what high-end apartment living in Baltimore looks like. Full article.
Baltimore is Consistent and Rising
Baltimore real estate, just like with the rest of the county, has its ups and downs. House prices are rising while the sales are going down. You may want to move to a new neighborhood as you climb the ladder of success or just plain downsizing? And keeping your current house is not on your retention list? Let us help you in selling your house. Dependable Homebuyers is a trusted name in Baltimore: https://www.dependablehomebuyers.com/maryland/baltimore
