Friday, March 29, 2013

Federal Hill Project Receives Prestigious Award

Congratulations to developers of Federal Hill’s sparkling new mixed use project at 1111 Light Street! The $34 million development, which has brought lots of energy to the business district, was named the most significant residential real estate project in 2012 by the Baltimore Business Journal-RE.

A panel of industry experts and Baltimore Business Journal staff selected the winners. Criteria included community impact, creative financing, and deal structuring.

“I couldn’t be any happier about how well the project has integrated into the Federal Hill landscape and how well received it has been by the commercial and residential markets and the neighborhood,” said project developer Arsh Mirmiran, director of development for Caves Valley Partners.  “Hearing so many neighbors say so many positive things about the project has been particularly gratifying.”

The development, which includes 93 apartments, 24,000 square feet of office space, and 6,000 square feet of retail, cost $34 million. M&T Bank and 7-11 occupy the retail space, while office space is leased by Betamore, an innovative technology incubator facility, Red Owl Analytics, and BTS Software Solutions. The apartments, which have access to an attractive courtyard (see photo), are two-thirds leased.

The developer worked hard to make 1111 Light Street fit in with the historic feel of Federal Hill and met with community organizations throughout the process. The certified green building also features a rowhouse-style structure, which fills in empty space that existed on Cross and William Streets and doesn’t block the existing skyline.

Elizabeth Nelson, Intern

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