The Baltimore Development Corp. selects Poverni Sheikh Group, a Baltimore-based developer, to redevelop five different blighted properties located on North Howard Street.
The developer is proposing the redevelopment of the joined properties in the 400 block of North Howard Street, transforming them into five three-story buildings. Each building would consist of apartments on the second and third levels above a street-level storefront. Poverni has suggested buying the buildings for $75,000.
Poverni Sheikh’s proposal was selected during a closed BDC board meeting on Thursday. BDC President William H. Cole IV said the proposed purchase would be negotiated.
The project would expand Poverni Sheikh’s footprint in the city. The first most recently redeveloped property in the 600 block of North Howard Street. The property, a former Planned Parenthood site, was redeveloped into a storage and retail space. The firm opened The Vault late last year. The 24-unit apartment building features a ground-floor retail space in the junction of North Charles Street and East Lexington Street.
A vice president of Poverni Sheikh, Greg Kostrikin, said the apartments were already fully leased.
“This for us is just continued momentum in a location we think, frankly, has a lot of opportunity,” said Eugene Poverni, principal at Poverni Sheikh.