(To read more on the multifamily market, click here.)
BALTIMORE-A luxury apartment tower is on target to rise Downtown now that ground has broken on the Zenith. LH Zenith LLC, a team involving Legacy Harrison Enterprises LLC and Multi-Employer Property Trust, is behind the development of the 191-unit multifamily property; MEPT joined the endeavor last year with a $35-million investment.
LH Zenith won redevelopment rights to the site from the city back in 2002. The team will spend $46 million to complete the residential high rise. Design Collective is the architectural firm handling the property's design, while Doracon is on board as general contractor. Zenith is slated to be ready for occupancy in mid-2007.
The Zenith will be a 21-story structure with 6,000 sf of ground-level retail and a parking facility to accommodate about 250 vehicles. Located on Pratt Street near Oriole Park and Camden Yards, the building will occupy a half-acre lot near what the city describes as a "gateway" to the westside of Downtown. The site had been home to a city-owned surface parking lot until the developers acquired it in 2003.
While considered desirable by city officials' standards, the project has had its detractors, including those who took issue with the fact that the city sold the developers the parcel of land for $750,000 in 2003, despite a previous appraisal value of nearly $2 million. That same year, the Baltimore City Board of Estimates signed off on a 15-year Payment in Lieu of Taxes agreement for the project, as well.
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