McCormack Baron Salazar Closes on Financing for Phase I of Perkins Apartments Redevelopment in Baltimore

Date Published: 
October 26th, 2022

From McCormick Baron Salazar's press release:

Construction has begun on Phase I of the redevelopment of the Perkins Homes in East Baltimore with the closing of financing by lead housing developer McCormack Baron Salazar. Phase I includes 103 mixed-income apartment units in one four-story building and two townhome buildings.

Perkins Phase I is part of the mixed-use, multi-phase community-wide redevelopment of the Perkins, Somerset, and Oldtown (PSO) neighborhoods and made possible by an award to the Baltimore Housing Authority of a federal $30 million Choice Neighborhood Implementation grant in 2018.

To win the federal award, grant applicants leveraged an additional $540+ million in committed funding and investments from public, private, and nonprofit partners. Removal and rebuild of the Perkins Homes, an obsolete 629-unit public housing development built in 1942, is at the heart of the PSO effort.

The total PSO redevelopment includes one-for-one replacement of the Perkins public housing units interspersed with workforce and market rate units. A range of housing types will replace the homogeneous public housing community with a mix of replacement public housing units, additional affordable (utilizing Low Income Housing Tax Credits, LIHTC), and market-rate rental housing. All units will be indistinguishable with identical finishes and access to amenities.

“This new mixed-income, mixed-use community will provide a range of housing choices and opportunities for legacy Perkins residents,” said Vince Bennett, President and CEO of McCormack Baron. “With a housing mix that includes public, workforce, and market-rate rental opportunities, current and new residents will experience an economically-integrated community of high-quality housing and excellent amenities woven into the PSO community.”

“The impacts of the pandemic and more recently inflation and rising interest rates, have created challenges to this development like many others,” said Pam Askew, Senior Vice President of MBS. “In meeting these challenges, we have remained singularly focused on our commitments to our residents and the long-term success of this development.”

Read McCormick Baron Salazar's press release, featuring the Housing Authority of the City of Baltimore. 

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