Two apartment projects developed by The Time Group are moving forward. Construction on the former Fox Industries building in Hampden will begin this summer while the apartments at 500 Park Ave. in Mount Vernon will begin housing their first residents this week.
The building at 3100-3200 Fallscliff Road will turn into an apartment complex with 90 to 95 units, The Time Group CEO Mark Caplan said. Construction on the $22M project will take 12 to 14 months, building mostly loft-style one-bedroom units and a handful of two-bedrooms. Rents will average around $1,550.
The Time Group will dedicate 10K SF to an artists' gallery and a lobby area for receptions.
"A lobby area will give it more sense of community than a couple of individual rooms," Caplan said.
Another apartment selling point is the location — two blocks from Hampden's main thoroughfare, the Avenue.
Constructed in the 1920s, the building was originally home to skin care manufacturer Noxzema. Fox Industries, which made coatings and sealants, occupied it next. Repurposing it for residential will be a major shift.
"Our newer projects are more focused on transformative renovations or new construction," Caplan said.
The developer is finalizing plans with Whiting-Turner as the general contractor and Alexander Design Studio as the architect. It could begin construction within 30 days. Communal areas will include a fitness center, a living room with TVs and a lounge with a ping-pong table.
Over in Mount Vernon, The Time Group's $30M apartment building at 500 Park Ave. will host a ribbon-cutting next week to celebrate its first resident move-ins though construction will not be fully complete until October. The Time Group is wrapping up floors one at a time for the 153-unit complex.
500 Park is next to The Time Group's redeveloped Hochschild Kohn Warehouse at 520 Park Ave. and food hall Mount Vernon Marketplace. There is also a Ceremony Coffee Roasters on the site.
Rents for the studio, one- and two-bedroom units will range between $1,200 and $2K. Amenities include a rooftop deck, a vanishing edge pool and 4K SF of retail, which will focus on health & beauty, fitness, dry cleaning and other neighborhood services.
The Time Group and Weinberg Foundation own the block through a joint venture. The development could include a third phase facing Howard Street with anything from retail, office or more apartments, though nothing is imminent, Caplan said.
Hear more about these projects June 29 at Bisnow's Baltimore Multifamily Explosion event, where Caplan is a speaker.
