601 Lofts is an adaptive reuse project in the Fells Point Historic District of Baltimore, MD. The site is 15,346 square feet with three underutilized parcels, and is within walking distance to restaurants, bars, and the inner harbor. The site is zoned B-2-2 which permits retail, residential, hotel, office, or an institutional center.
South Broadway is the main commercial streets in Fells Point. The redevelopment of the historic district is attracting more retailers and potential tenants. The market is under-supplied and 5,800 units will need to be delivered by 2016 to keep up with demand. Baltimore City is estimated to add 23,800 new residents by 2025.
The proposed project will include 9,365 SF of retail, 29,045 SF of residential, for a total built-out of 38,410 SF. There will be 28 apartment units which will consist of 7 studios, 17 one-bedrooms, and 4 two-bedrooms.
The total development cost will be $10.3 million, with a 9% return on equity.