New Markets Tax Credit Investments
Abell BuildingBaltimore, Maryland
Federal NMTC: $1,250,000
CityScape Capital Group assembled the key tax credit equity financing for the $8.4 million adaptive re-use of the historic Abell Building located at 329-335 W. Baltimore Street in Baltimore, MD.
Philadelphia Management & Companies has successfully converted the historic structure into 33 luxury market rate rental residential apartments and 12,000 square feet of ground floor retail space. It is estimated that the renovation project created over 135 temporary construction jobs and more than 40 new full-time permanent jobs in a census tract with 41% poverty rate and 10.3% unemployment rate.
Located adjacent to the $85 million Centre Point Development and across from the $65 million Hippodrome Theatre on Baltimore's West Side, the renovated Abell Building completed the revitalization of the Hippodrome Theatre block and added a complimentary use to the theatre and commercial district.
The 6-story Abell Building is one of Baltimore's finest and most iconoclastic historic buildings. The 1870s-era brick and marble building was built by legendary Baltimore Sun Founder Arunah Abell in the Italianate style, and commands a striking presence on West Baltimore Street.