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BALTIMORE: Ultra luxury living on the Inner Harbor

Baltimore City's 95% apartment occupancy rate indicates an opportunity for developers to add supply, and Questar Properties CEO Stephen Gorn says the ultra luxury segment, in particular, is underserved. His company wants to build something the city hasn't seen, along the lines of resort-style projects in primary markets like Chicago, San Fran, Boston, and New York. Hence the 43 stories (372 apartments and 12,500 SF of retail) that will break ground at 414 Light St in Q4, thanks to the city's speedy approval of the developer's plan. The unique site, an undeveloped parcel on the harbor that's also got history as the site of the former McCormick spice plant, is another factor that calls for a landmark building, he says. First units will deliver in Q4 '16 and the entirety in summer '17.

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