$68 Million Development Proposed for Park Heights
Wednesday Sep 18th, 2019
$68 MILLION DEVELOPMENT PROPOSED FOR PARK HEIGHTS
Baltimore, MD – Mayor Bernard C. “Jack” Young and the Baltimore City Department of Housing & Community Development (DHCD) announced the winning proposal for the development of 17+ acres of city-owned vacant land in the Park Heights Major Redevelopment Area. The NHP Foundation (NHPF) was announced today as the selected team awarded the development rights and responsibilities for redevelopment of the area.
Over the past five years, the City has assembled the land and invested more than $13 million in acquisition, relocation, and demolition costs. DHCD issued a Request for Proposals (RFP) in July of 2018, and subsequently received six proposals for development of the site.
“Park Heights is poised for transformative growth and investment,” said Mayor Young. “The NHP Foundation has a proven record focused on successful mixed-use development, including providing affordable, quality housing. This development will also create jobs and bring needed amenities to the Park Heights area.”
NHPF, headed by Richard Burns, is an affordable housing not-for-profit based in Washington, DC and New York city. They have developed over 9,000 units of low- and moderate-income housing in 15 states and the District of Columbia and will serve as the Master Developer under the proposed plan. Other principals of their development team include the Henson Development Company, headed by Dan Henson of Baltimore, and Merenberg Enterprises, Inc., headed by Sandy Merenberg of Baltimore.
“We are excited to see our collective vision for Park Heights being realized and we look forward to the investment in new homeownership and quality affordable housing that we are kicking off today,” said DHCD Commissioner Michael Braverman.
The total cost of the proposed project is approximately $67.8 million, and consists of 288 housing units, a large neighborhood park, pocket parks, community garden space, and an urban plaza. A public subsidy is anticipated to support the new public infrastructure required and for the affordable housing. NHPF completed an Economic and Fiscal Impact Study that found the project will generate $47 million in labor income and nearly $130 million in economic output. According to the study, the proposed development will create 804 jobs for City residents of which 360 will be directly related to construction and redevelopment.
“The Park Heights Major Redevelopment Area represents a tremendous opportunity to make a real difference in the area,” said NHPF President & CEO Richard Burns. “Park Heights has many of the ingredients that make a great community, and the additional of quality affordable housing will provide an immediate positive impact on the neighborhood.”
The anticipated completion date of the redevelopment is 2025.