M id A tlantic Real Estate Journal —April 22 - May 19, 2022 — 21A


Firm will invest $75 Million in project Collins Enterprises to be Key Developer at mixed-use development in Chesterfield County, VA


the track record of success as that of Collins Enterprises will ensure that our vision of a vibrant, mixed-use com- munity will be done right,” said Midlothian District Su- pervisor Leslie Haley . “This project will represent both a gateway for the county and a signature destination place that our residents have been seeking for some time.” The project is currently going through the land-use approval process with the Chesterfield County Plan- ning Commission and Board of Supervisors. Pending ap- proval from those bodies, construction could begin in the late summer of this year and should be completed in mid-2024. wall panels and a decora- tive vaulted ceiling. Despite decimating the majority of the city’s downtown district, the tower survived the Great Baltimore Fire in 1904. The former owner acquired 210 North Charles St. in 1999 and it has remained vacant since the early 2000s. Demand for multifamily product expected to increase in Baltimore City According to data compiled by Delta Associates, the vacancy rate for luxury multifamily units in the greater Baltimore City area, comprising approxi- mately 12,000 luxury units, stood at 2.4% earlier this year. Population growth has been especially profound in Census Tract 401, Baltimore, MD as defined by the area that encap - sulates Charles Center and is bounded by S. Paca St. to the west and W. Franklin Street to the north. The number of housing units has increased by nearly 97% over the past 10 years, with population rising nearly 70%. MAREJ

ICHMOND, VA — The Chesterfield Economic Develop-

ment Authority (EDA) an- nounced that Collins Enter- prises will develop the initial phase of the residential and commercial properties for the proposed mixed-use develop- ment on the site of Spring Rock Green on Midlothian Turnpike. Collins will be responsible for developing 300 residential units, 27,000 s/f of commercial space and a secure, enclosed parking facility during the first phase of the project. The total investment from Collins for this portion of the project is approximately $75 million. “Our vision is to establish a destination community for people to live, work, shop and play. The streets will be walk- able and have open spaces weaving throughout the devel- opment. People will be drawn to the high quality residential, shopping, restaurants and entertainment that creates an BALTIMORE, MD — 210 N. Charles Owner, LLC , a joint venture partnership formed by residential developer Trademark Properties and local investor Prab Thanga- rajah , has acquired 210 North Charles St., a 15-story, 232,000 s/f commercial office tower situ - ated within the Charles Center section of downtown Baltimore City for an undisclosed amount from PGA 210 North Charles Street, LLC. Originally deliv- ered in 1894 as an eight-story structure, the new ownership group intends to convert the asset, also known as The Fi- delity & Deposit Building into a multifamily use containing approximately 220 apartment units. Brad Byrnes of Byrnes &Associates, Inc., a Baltimore- based boutique commercial real estate and investment company, represented the buyer in this sales transaction. The local ownership group intends to initiate the conver- sion process next month with plans to deliver a mix of studio

Proposed mixed-use development on the site of Spring Rock Green on Midlothian Turnpike.

exciting overall experience,” said Art Collins , president of Collins Enterprises. Collins has been nationally recognized for development projects across the country. They have been involved in scores of successful projects Collins was initially drawn to the property due to its central location within the region as well as ease of ac- cess to the site and potential to connect the highly success- ful Boulders and Stonebridge developments. MAREJ Byrnes & Associates brokers sale of 232,000 s/f tower in Baltimore City including Palmer Square in New Jersey and Harbor Plaza in Connecticut. Collins has assisted cities redevelop their downtowns, with recent ex- amples being Hudson Park in Yonkers, NY and the Free - mason Harbor projects in

Norfolk, VA. This mixed-use development project is anoth- er opportunity for Collins to partner with the Chesterfield EDA to realize the potential of this underdeveloped gateway property. “Having a developer with vibrancy of downtown with the influx of new residents and re - tailers and add to the tax base of Baltimore City,” said Brad Byrnes. “This is yet another visible sign of the positive turnaround gathering momen- tum in Downtown Baltimore.” History of The Fidelity & Deposit Building The structure was designed in a Romanesque Revival style by architects Ephraim Francis Baldwin and Josias Pennington and constructed with a façade of grey, rough- cut granite and eventually served as the headquarters for The Fidelity & Deposit Com- pany of Baltimore. Between 1912 and 1915, and under the direction of future governor Edwin Warfield, the financial institution enlarged the build- ing by seven stories to accom- modate growth and, in 1968, a three-story annex was also added on the building’s north and west sides. The first-floor lobby is finished with polished granite flooring, marble veneer

210 North Charles Street

and one- and two-bedroom de- signs ranging from 500 to 2000 s/f of livable space by spring 2024. The adaptation will also feature the creation of a street- level restaurant component, featuring a corner vault room, complete with an outdoor seat- ing area that overlooks Center Plaza. In addition, two or three retail spaces will be carved out

of the street-level and leased to end-users. The partnership has also signed an agreement to provide resident parking for approximately 180 residents within the underground facil- ity at 222 North Charles St. “After standing vacant and unused for approximately 20 years, this iconic building will soon spring to life, increase the

Made with FlippingBook Online newsletter maker