Pikesville’s Sage Ventures began construction last week on a five-story, 316-unit apartment building on the 100 block of W. Ostend St. in South Baltimore. This building is part of Caves Valley Partners’ (CVP) Stadium Square development.
The Hanover Company, based out of Houston, first presented this apartment building in 2018. The project was then acquired by Quarterra in 2020 with hopes of starting construction that year. Five years later, the project was acquired by Sage Ventures and the two-year construction timeline has now started.
Stadium Square is a mixed-use development on three blocks of the South Baltimore and Sharp-Leadenhall neighborhoods, sitting adjacent to Federal Hill. It is located between Cross St. on the north, Race St. on the east, Leadenhall St. on the west, and both sides of Ostend St. to the south.
Already constructed in Stadium Square is the 101 Cross Street apartment building built by The Hanover Company with 293 units and 14,000 sq. ft. of retail; a fully-leased 72,000 sq. ft. office building at 145 W. Ostend St. constructed by CVP; and the 2,400 sq. ft. Leadenhall Community Center at 1021 Leadenhall St., also constructed by CVP.
CVP is also planning two additional office buildings at the development.
The site of the new apartment building on the 100 block of W. Ostend St. once was a post office, industrial buildings, and several rowhomes that were demolished in the late 2010s.
The new apartment building will share this block with a proposed six-story, 67,000 sq. ft. office building at 160 W. Ostend St. that will occupy the southwest corner of the site. The office building will be constructed by CVP, but there is no timeline at this point to begin construction. CVP Partner Arsh Mirmiran noted the difficulty in obtaining office building financing right now with the amount of office vacancy in Baltimore.
As interest rates and building costs currently remain very high compared to the pre-COVID economic conditions, Shully Issacson of Sage Ventures pointed out a couple of important things that make this project viable at this time. He noted they acquired the project for less than Quarterra paid for the property and that Quarterra took the project through the entitlements and design process. The prefabricated parking garage is also paid-for and currently sitting in a storage yard.
He also noted the Baltimore City Brownfield Tax Credits which are in place. “Without the tax credits, this project would not work,” said Issacson.
The apartment building will have a 390-car parking garage, as well as amenities such as two courtyards, a pool, a gym, and club rooms.
Sage Ventures is making minimal changes to the exterior design.
Issacson said the rental market in Federal HIll remains “very strong.”
Also under construction in the area is the expansion of the Spring Garden office building at 175 W. Ostend St., a project by Himmelrich.
Renderings from the Design Collective
Views from Ostend St.
View from Race St.
View from W. West St.
View from Leadenhall St.
