Sep 12 2007

More Mount Vernon Development Plans

Published by at 8:55 am under Mount Vernon

Baltimore Business Journal article

Seems to be a lot going on up there…

A former senior center in Mount Vernon is now the focus of a $62 million project that will add a new center and residential and retail development in the community.

The Baltimore Development Corp. and the Baltimore City Commission on Aging and Retirement Education announced plans Tuesday to work with MtV2, a group of local developers, to rebuild the Waxter Center.

The developer will construct a new 40,000 square foot center on the site at a cost of $8 million. At least $2 million has already been raised for the project, officials said.

On the remaining portion of the site, the developer will build a $54 million residential and retail component featuring 600 apartments and condos, 20,000 square feet of retail space and more than 200 parking spaces.

“This is a niche market that’s never really been tapped,” said Howard Chambers, a developer with MtV2 Development, which is working on the project, aimed at attracting young professionals and graduate students.

Estimated prices on the condos — expected to range in size from 375 square feet to 425 square feet — are to be around $150,000. But the spaces will be available to be leased as apartments for $850 a month.


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