PNC ponies up $4.2M for East Baltimore rehabs

A swath of 60 multi-family properties near East Baltimore's Patterson Park area are being rehabbed thanks to a $4.2 million gift from PNC Financial Services Group. The two- and three-story homes, which are about 90 percent complete, will eventually house Section 8 and low- to moderate-income families.

The properties will undergo minor renovations or major retrofitting depending on the condition of each property. CMS Skyline JV, a joint venture between Skyline Properties and CMS Companies has been contracted to perform the renovations. The $6 million project covers about 60,000 acres bordering the Patterson Park, Butchers Hill, and Inner Harbor areas. CMS Skyline JV predicts that the newly spruced up neighborhood will attract other investors, particularly because of the nearby Johns Hopkins East Baltimore development initiative that includes $4 billion in infrastructure development and a new hospital.

PNC Development Advisor Watchen Harris Bruce says PNC saw the project's potential "to revitalize the area and stabilize the neighborhood and quality of life for people."

Skyline Properties, which is comprised of development, construction and property management divisions, owns and manages 186 residential rental apartments and small commercial properties, primarily in East Baltimore. It became involved in the Patterson Park project about a year ago.

David Haas, a partner with CMS Skyline JV, says the area was ripe for rehabs because, given it's proximity to Johns Hopkins, "it should be one of the nicest neighborhoods and not one of the worst neighborhoods, The housing stock is really nice there and we think we can deliver very affordable high-quality rental units and hopefully some homeowner units when the market changes."

PNC was a natural partner for the project, he says, because "they believe in helping create better neighborhoods."

Source: Karen Burley, PNC Financial Services Group
Writer: Lucy Ament

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