Printers Square Developers LLC, a partnership between Bolton Properties Management, Osprey Property Group and Transom Development, Inc., is pleased to announce that the project has been recognized by the Board of Directors of Baltimore Heritage and has been awarded one of the 2007 Historic Project Awards. Baltimore Heritage, Inc., founded in 1961, is a citywide, nonprofit historic and architectural preservation organization. It works to promote the preservation, appreciation, and economic potential of Baltimore’s dis-tinctive architecture, historic neighborhoods, and heritage resources.
Printers Square, located at the corner of Mt. Royal Avenue and Guilford Avenue in Baltimore City, is an historic landmark in a highly desirable area of the city. The $10.6 million project of the adaptive reuse of a vacant factory and single-engine firehouse into multifamily housing was an ambitious project offering a unique living environment.
Many of the 60 apartments are high ceiling loft type units with large windows with unique layouts. The mix of 30 affordable and 30 market rate apartments establishes Printers Square as an innovative and inclusive community in the heart of Baltimore. The complex breathes new life into an area that has been afflicted with vacant buildings which had become neighborhood blights.
The apartments bridge the gap between affordable housing that is usually run down and upscale housing which is often not affordable. The 30 affordable units offer one- and two-bedrooms apartments to residents with 50% to 60% of the area median income and guidelines will apply. Affordable rents range from $530 to $744. Market rents for the remaining one- and two-bedroom apartments will vary depending on size, floor location and view ranging from $750 to $1,100.
All apartments feature a range, refrigerator, disposal, dishwasher and central heat and air conditioning. Community amenities will include a community center with computer lab, central laundry facilities and resident programs. Off-street and covered parking is available for $85 to $100 per month.
The project financing included $1.9 million of income housing tax credit equity, $3.2 million of historic tax credits, $1.2 million Baltimore City HOME loan, and a $4.1 million private loan from Reilly Mortgage. The development team also included Madison Avenue Development Corp., nonprofit participant, Archplan, Inc., architects; Hamel Builders, Inc., general contractor; SunTrust Bank, equity provider; AGM Financial Services, consultant; and Bolton Properties, property manager.
In November 2004, the Osprey/Bolton team received the Commitment to Excellence Award for Rental Housing for the rehabilitation of the Bay Country Apartments in Cambridge, MD and in November 2005, Osprey Property Company was named Developer of the Year by Governor Robert Ehrlich. For more information contact Info@ospreypc.com