PMC Property Group, a Philadelphia-based property developer, announced today that it would be adding two new properties in Baltimore to its portfolio. PMC did not disclose the price or terms of these acquisitions. "We are excited about these opportunities," said Steven Bloom, operating partner for PMC Property Group in Baltimore. "These are great buildings in great neighborhoods going through positive redevelopment."
The first property, located at 521-545 St Paul Street and also known as Mount Vernon Center, currently consists of two brick structures: a 19th century dairy building and a 1940s Moderne building that have already been connected by an enclosed glass entrance. PMC will make upgrades to the property to include a two-story addition and converting the space into 70 luxury apartments. The company expects construction to be completed by early Summer 2013.
The second property, located at 301 N. Charles Street, is a 95,000 square foot, 11 story office building originally built in 1930. The Art Deco-style building served as the headquarters for The Baltimore Life Insurance Company for more than two decades, later occupied by a variety of tenants through the early 2000s. PMC acquired the building earlier this month and plans to renovate the property into 92 luxury apartments that is expected to be ready for occupancy by Fall 2013. PMC acquired the building from USP Management LLC, a Falls Church, VA-based company, which paid $6.89 million for it in 2006, according to a Baltimore Business Journal article.
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