There was a recent article on multi-housingnews.com about the Silo Point development in Locust Point.

According to Turner, the development is being constructed in four phases. The first broke ground in May 2005 and has already been completed. It consists of 120 townhouses. The second phase, slated for completion in May 2008, is currently under construction and will include 229 high-end traditional and loft-style condominiums and ground-level retail inside the site’s grain elevator. The third phase will feature additional townhouses and apartments.

So what’s phase 4? Retail?

“Baltimore’s appeal as a residential community extends to individuals and families who work in the Washington, D.C. metropolitan area but are priced out of D.C.’s housing market,”

I doubt the people being priced out of the DC market are looking for small condos from the upper $400,000s or larger condos up to $5 million.  If they can afford half a million or more in Baltimore they can find something in DC.

“The current Locust Point residents love the new interest in their community,” Turner adds. “For those of them who do want to sell, their property values are soaring.  And others, who want to stay in the neighborhood, aren’t being pushed out.”

Ahhh… not so fast.  For many residents rising property values are a good thing.  However, anyone that has spent time in a Locust Point Civic Association meeting knows that soaring property values are a problem for many residents.  Rising property values lead to increased taxes for low income families or older residents on fixed incomes.  It’s a concept that escapes many new residents, and that many developers choose to ignore.  Many Locust Point homes have been in the same family for generations, and they have no intention of selling. 

While people such as myself like to see new development in the area - this project has been very controversial and Turner and Sapperstein have drawn a lot of fire from some residents.

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