Printers’ Square Developers LLC, a partnership between Bolton Properties Management, Osprey Property Group and Transom Development, Inc., was awarded the Commitment to Excellence Award for Community Building by the Maryland Department of Housing and Community Development. The award recognizes programs, projects and communities that work to comprehensively serve community needs by addressing downtown development and revitalization. Lt. Governor Anthony Brown presented the award to Brian Lopez of Osprey and Bill Hazlehurst of Bolton Properties Management.
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 vacant single-engine firehouse into multifamily housing was an ambitious project that offers unique living opportunities to residents.
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 will establish Printer’s 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 that had become neighborhood blights.
The apartments bridge the gap between affordable housing that is usually run down and upscale housing which is 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 will range from $530 to $744. The remaining one- and two-bedroom market rent apartments will vary depending on size, floor location and view. Market rate rents will range from $750 to $1,100.
All apartments will 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 will be available for an additional $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, insured by the U.S. Department of Housing and Urban Development.
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.
Earlier this year, the Board of Directors of Baltimore Heritage awarded Printers’ Square 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 distinctive architecture, historic neighborhoods, and heritage resources.