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Pipeline Report V3

- Baltimore City's residential construction pipeline remains robust with nearly 3,500 units underway, with over half located in waterfront neighborhoods like Federal Hill, Harbor Point, Canton, and Fells Point. - Downtown Baltimore leads with nearly 1,400 units underway, mostly conversions from office, hotel, and retail spaces due to high office vacancy rates. - The large amount of new supply could impact rent growth over the next few years in areas with heavy construction volumes.

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Kevin Parker
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153 views

Pipeline Report V3

- Baltimore City's residential construction pipeline remains robust with nearly 3,500 units underway, with over half located in waterfront neighborhoods like Federal Hill, Harbor Point, Canton, and Fells Point. - Downtown Baltimore leads with nearly 1,400 units underway, mostly conversions from office, hotel, and retail spaces due to high office vacancy rates. - The large amount of new supply could impact rent growth over the next few years in areas with heavy construction volumes.

Uploaded by

Kevin Parker
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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JULY 2023

Baltimore City Pipeline Report 2023 Harbor Stone Advisors

OVERVIEW
Baltimore City’s under-construction pipeline
remains robust, with nearly 3,500 units
underway. Downtown leads the way with 1,375 Units Under
units underway, all of which are conversions Construction:
to residential from either office, hotel, or retail
property uses. Baltimore is one of the leading 3,489 UNITS
cities for conversions as office vacancies in the
CBD remain elevated.

More than half of all units underway are in


Baltimore’s premier waterfront neighborhoods
of Federal Hill (631 units), Harbor Point (508 Deliveries (Past
units), Canton (383 units), and Fells Point (216 12-Months):
units). These neighborhoods have been target
areas for developers in the past five years as the 1,610 UNITS
total inventory has grown significantly here,
thanks to continued population growth.

Due to this elevated construction, the Baltimore


City multifamily market will likely face supply-
side pressure over the next several years as
Inventory Growth
these units deliver. This could impact overall rent (Since 2020):
growth in some of these heavy-supply areas.
4,271 UNITS
(7.5% Growth)
Baltimore City Pipeline Report 2023 Harbor Stone Advisors

ONGOING DEVELOPMENTS
EXPECTED
PROPERTY NAME ADDRESS NEIGHBORHOOD UNITS
DELIVERY

The Quill by Alta 1900 S Hanover St Federal Hill 550 Summer 2024

Allied | Harbor Point 900 & 902 S Caroline


Harbor Point 508 Fall 2025
North & South Tower St

Lofts at Yard 56 560 Bayview Blvd Canton 225 Fall 2023

The Whitney 600 S Caroline St Fells Point 172 Spring 2024

The Chelsea 601 S Broadway Fells Point 26 Summer 2023


Baltimore City Pipeline Report 2023 Harbor Stone Advisors

RECENTLY COMPLETED PROJECTS


PROPERTY NAME ADDRESS NEIGHBORHOOD UNITS COMPLETED

Elms Fells Point 2001 Aliceanna St Fells Point 285 January 2023

Rye House 2450 Rye St Baltimore Peninsula 254 April 2023

250 Mission 250 Mission Blvd Baltimore Peninsula 162 April 2023

HOHM Highlandtown
3905 Bank St Highlandtown 149 January 2023
Apartments

The Brixton 421 S Broadway Fells Point 33 May 2023


Baltimore City Pipeline Report 2023 Harbor Stone Advisors

RESIDENTIAL CONVERSIONS
Baltimore remains a hot spot for residential
conversions, representing nearly half of the
city’s construction pipeline.

Demand for office space in Baltimore’s


downtown has slowed as many firms look
towards Harbor East or have adapted remote
work, requiring less office space. This has
resulted in ballooning vacancy rates for office
buildings and has opened opportunities for
office conversions. One example is 1 Calvert
Plaza, currently undergoing major renovations
to convert the historic office building to 173
Other examples include the former dual-
high-end units. Chasen Companies, one of
branded Radisson and Holiday Inn, located at
Baltimore’s premier apartment developers,
101 and 105 West Fayette Street, which will be
purchased the property last year for $11.1
converted to 708 multifamily units, and the
million.
former Embassy Suites Inner Harbor hotel,
purchased by Urban Investment Partners Cos.
Also, as demand for hotels dropped during the
for $18 million, which will convert the hotel to
pandemic, many low-performing properties
306 units.
are being converted to apartments. A recent
example is the purchase of the Hotel RL
Overall, more than 1,550 units are being
Baltimore Inner Harbor, acquired by Byrnes &
constructed and converted from offices,
Associates, and additional investors to turn it
warehouses, and hotels to luxury apartments.
into 130 units.
Baltimore City Pipeline Report 2023 Harbor Stone Advisors

HIGHLIGHTED PROJECTS

101 W Fayette St. 222 Saint Paul Pl.

UNITS: 708 UNITS: 306


EXPECTED DELIVERY: EXPECTED DELIVERY:
December 2024 December 2023
DEVELOPER: Vivo DEVELOPER: Urban
Investments Investment Partners Cos.

1 S Calvert Plaza 207 E Redwood St.

UNITS: 173 UNITS: 130


EXPECTED DELIVERY: EXPECTED DELIVERY:
March 2024 Summer 2024
DEVELOPER: Chasen DEVELOPER: Byrnes &
Companies Associates
INVESTMENT
SALES
JUSTIN VERNER
President
410.960.3962
[email protected]

BROOKS HEALY
Director
WWW.HARBORSTONEADVISORS.COM 443.523.6865
[email protected]

TOM WOHLGEMUTH
Senior Advisor
240.444.4656
[email protected]

SALES SUPPORT
SERVICES
SHANA CALLAHAN
Senior Analyst

TODD GALVIN
Senior Operations Analyst

EMILY ANNESS
Senior Marketing Specialist

GINA BELL
Marketing & Design Specialist
Baltimore City Pipeline Report 2023 Harbor Stone Advisors

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