Baltimore Business Journal: Luxury Fells Point Apartment Project Pushes Forward
June 03, 2011
Greenbelt developer Bozzuto Group plans to break ground in September on a $68 million apartment complex in Fells Point, marking the home builder’s largest start since 2008.
Bozzuto subsidiary Bozzuto Development Group plans to seek building permits in the next few weeks for Union Wharf, a 281-unit project to be built at Thames and Wolfe streets. The Baltimore City Planning Commission approved final designs for the project May 19.
Bozzuto Development President Toby S. Bozzuto said the project is being designed as a high-end rental development at a time when new construction has all but come to a halt in Fells Point and throughout Baltimore.
The project will feature a pool being patterned after the Delano Hotel in Miami Beach, Fla., with apartments of about 850 square feet. There will also be about 5,000 square feet of retail and potentially room for a ground-floor restaurant, but Bozzuto said those details are still being worked out.
“It’s going to be a really special building for Baltimore,” Bozzuto said.
Union Box Co. developer Larry Silverstein initially planned to build apartments at the site as part of a larger plan to include offices and retail space. Silverstein developed an office building at the site but never moved ahead with the rental units.
Bozzuto said he considers the property one of the best undeveloped waterfront sites overlooking the Inner Harbor. The land is across from the Red Star Bar & Grill on the eastern edge of the Fells Point peninsula.
The project is being financed in part through a partnership between Bozzuto and the Pritzker Realty Group, a Chicago real estate investment company led by Penny Pritzker, one of the nation’s wealthiest women. Cigna Life Insurance is also backing the project, Bozzuto said.