Number of Units

104

Year Developed

2019

Description

1234 McElderry is a 104-unit, mixed-income rental property including approximately 2,400 square feet of ground floor retail and parking in Baltimore, MD. The 4-story building will include a grade level concrete podium on the first floor with parking, retail space, and amenities. The three stories above the concrete podium will be wood framed. The site will include 92 on-grade parking spaces. The proposed building design will complement the existing neighborhood, site conditions, and general landscape, and will generally improve the appearance of the surroundings. The development will include a host of amenities, including: fitness center, club room, cyber lounge, and two courtyards. The building will be monitored with 24 hour cameras and secure access to individual units directly from the parking garage. The building will also incorporate a series of energy efficient components, specifically:

• Units will be equipped with energy star HVAC system
• High Speed Internet
• Energy Star Windows
• Energy Efficient lighting and plumbing fixtures
• Quality floor and durable floor coverings and cabinetry
• Compliance with Enterprise Green Communities or similar energy rating program

1234 McElderry is the first phase of the larger revitalization effort known as the Perkins Somerset Oldtown Transformation Plan which will result in the replacement of 629 public housing units and creation of 1,345 new mixed income units, comprised of 652 public housing-assisted units (RAD/PBV and LIHTC), 276 affordable housing units (LIHTC) and 417 market rate units. The development will occur over a six year period, in conjunction with significant infrastructure investment, and neighborhood reinvestment, along with a comprehensive people plan. Schools, recreation opportunities, retail, commercial and open spaces will be integrated into the housing development so residents can live, work, shop, go to school and play within their neighborhood.

This project will be financed through a combination of 4% Federal Low Income Housing Tax Credits (LIHTCs), tax exempt bonds issued by the State of Maryland, an anticipated low-interest loan from Montgomery County Department of Housing and Community Affairs, and a conventional mortgage.

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