Retail, residential spaces planned in $159M project
Land owned by University of Baltimore to be developed
The University of Baltimore selected a Baltimore-based developer to transform a university-owned piece of land adjacent to the Mid-Town Belvedere campus into a $159 million apartment project with ground-floor retail.
The university plans to lease the 2.4-acre site, located at the northwest corner of Maryland Avenue and West Oliver Street in central Baltimore, to developer Zahlco.
A former U.S. Postal Service vehicle building standing on the site would be adapted for the proposed project, which includes 235 multifamily apartments with 30,000 square feet of street-level retail, the university said in a news release. A second newly constructed building would include a 350-unit, multifamily high-rise and parking garage.
The buildings will not be university-owned or privatized student housing, University of Baltimore spokesperson Chris Hart wrote in an email. The university and developer hope to reach a ground lease agreement for the site this fall, according to the release.
“It is still very early in the project, and all avenues are being discussed. Ideally, this project will serve the needs of the neighborhood and the greater city of Baltimore,” Hart wrote.
University of Baltimore President Kurt L. Schmoke called the project “a breakthrough in how we think about the center of the city.”
“To put it simply, this is transformative,” said Schmoke, noting the many destinations within walking distance.
The project would be the latest transit-ori
ented development near Amtrak’s Penn Station, which is a block away. Amtrak has selected a group to redevelop its properties around the passenger rail station, which offers regular service to Washington, D.C., and numerous new apartment buildings have been built in the area in recent years, some by Zahlco.
“We’re honored to have been selected,
and look forward to working together with UBalt on this landmark project,” Zahlco CEO Yonah Zahler said in the release. “This development will help redefine the center of the city as ‘Midtown,’ an area bustling with activity and connecting Baltimore together.”
Zahlco will work with the Baltimore Department of Planning on design proposals. The University of Baltimore will seek approvals from the University System of Maryland Board of Regents and the Maryland Board of Public Works to be able to craft the ground lease with Zahlco.
Northern Real Estate Urban Ventures, a minority- and women-owned business, is partnering with Zahlco on the project. Their role has yet to be determined, Hart said.