Monument Realty will Convert Baltimore Office Building into Apartments
- Jan 18, 2015
Monument Realty has purchased the office building at 225 North Calvert Street in Baltimore from an affiliate of Cornerstone. The D.C.-based company plans to turn the 400,000-square-foot property into Class A apartments.
According to The Baltimore Business Journal, Monument paid $4 million for the property. The conversion project is expected to cost about $75 million. When completed, 225 North Calvert Street will feature 350 units on 17 floors, with 8,000 square feet of ground floor retail space. The project also calls for the conversion of two existing office floors into parking.
Monument has already received schematic approval from Baltimore’s Urban Design and Architecture Review Panel. It plans to start demolition of the office interiors and removal of the 1970s-era façade this summer. According to Michael Darby, principal of Monument, the project will create a whole new building, with large windows, above-average ceiling heights, and a modern façade.
Hord Coplan Macht is the architect. Monument did not announce when it expects to finish the project.
225 North Calvert Street isn’t the D.C.-based developer’s only residential project in the Baltimore-Washington area. Last October, Monument broke ground on the Monument Village at College Park. The 235-unit multifamily development in College Park, MD is expected to be completed in early 2016.
Photo credit: Hord Coplan Macht