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Developer plotting four-story Mount Vernon apartment building

Developer Patrick Grace is building an apartment complex with 11 units in a former condominium and office building in Mount Vernon.
Construction on the $1.5 million market-rate apartments at 505 Park Ave. will begin in the spring and wrap up in the fall, says AB Associates’ Nate Pretl, a land use consultant working in conjunction with Grace’s Trademark Properties. The developer handles commercial and multi-family properties in the mid-Atlantic. Baltimore’s Harbor Development LLC is the project's general contractor.
The building is just down the street from one of the biggest apartment projects currently under development. The Time Group of Owings Mills is building 171 market-rate apartments at 520 Park Ave., to be completed spring 2014. The neighborhood is attracting more interest from retailers and developers with the expansions of the University of Baltimore and the Maryland Institute College of Art.
Apartments at 505 Park will rent for between $900 and $2,000 a month for one, two and three-bedroom units. The apartments will be between 550 to 1,150 square feet, Pretl says.
The east side of the property contains a four-story carriage house, which the developer will renovate and subdivide as a separate unit, Pretl says. The carriage house will at some point go on sale as a single-family residence. 
The apartments will be marketed to graduate students and young professionals who want to be close to neighboring universities, the central business district and the cultural attractions in Mount Vernon, Pretl says. 

Writer: Julekha Dash
Source: Nate Pretl, AB Associates

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