Canyon-Johnson Urban Funds and Struever Bros. Eccles & Rouse Develop Urban Mixed-Use Project in Baltimore; New Development Will Improve the Vitality and Vibrancy of the Historic Mount Vernon Neighborhood.BALTIMORE -- Canyon-Johnson Urban Funds is making a new investment in Baltimore's historic Mount Vernon Mount Vernon, estate, United States Mount Vernon, NE Va., overlooking the Potomac River near Alexandria, S of Washington, D.C.; home of George Washington from 1747 until his death in 1799. neighborhood, partnering with local developer Struever Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . Eccles & Rouse on a $34.6 million urban, transit-oriented, mixed-use development Mixed-use development refers to the practice of allowing more than one type of use in a building or set of buildings. In planning zone terms, this can mean some combination of residential, commercial, industrial, office, institutional, or other land uses. . The new development, located on the northeast corner of Biddle and North Charles Streets, will consist of 88 for-sale condominiums above over 15,000 sq. ft. of street-level retail and 140 structured parking spaces. The development, along with the historic renovation of two adjacent buildings owned separately by Struever Bros., will be a significant part of the revitalization of the Mount Vernon district. This revitalization of Mount Vernon is being fueled by its rich historic architecture and cultural amenities (including the Meyerhoff Symphony Hall There are a number of concert halls known as Symphony Hall. Among the best known are:
It is currently the home of the Baltimore Opera and institutions which have performed in the Lyric Opera include the Baltimore ), and its access to transportation hubs including Penn Station and Baltimore's Central Business District. The Mount Vernon project will be the Canyon-Johnson Urban Funds' second venture with Struever Bros. Eccles & Rouse (SBER SBER Bit-Bit Error Rate SBER Serial Bit Error Rate SBER Sub-Bit Error Rate SBER Self-Balancing Electronics Recorder ). In 2005, the Canyon-Johnson Urban Funds (CJUF CJUF Canyon-Johnson Urban Fund ) and SBER partnered to develop Village Commons, a $90.0 million mixed-use development in Baltimore's Charles Village neighborhood adjacent to Johns Hopkins' Homewood campus The Homewood campus is the main academic and administrative center of the Johns Hopkins University. It is located at 3400 North Charles Street in Baltimore, Maryland. Hopkins was several campuses, but this is the largest and most important one (along with the Johns Hopkins Medical . Between the two projects, CJUF and SBER have committed more than $125 million to revitalize Baltimore's neighborhoods. The development's major equity investor, the Canyon-Johnson Urban Fund II (CJUF II), is a joint venture between Canyon Capital Realty Advisors and basketball-legend-turned-urban-entrepreneur Earvin "Magic" Johnson. Struever Bros. Eccles & Rouse (SBER) is a Baltimore-based developer and general contractor A general contractor is an organization or individual that contracts with another organization or individual (the owner) for the construction of a building, road or any other execution of work or facility. with more than 30 years' experience revitalizing urban neighborhoods. Citibank Community Development, a member of Citigroup, is providing construction financing and a permanent loan for the project. CJUF Managing Partner and Baltimore native Bobby Turner Robert "Bobby" Turner (born May 6, 1949 in Midway, Alabama) is the Denver Broncos running backs coach. He joined Denver in 1995, he also worked for 20 years as a college assistant and has 34 combined years of coaching experience at the professional, collegiate and high school said, "Canyon-Johnson is proud to be a part of the ongoing revitalization efforts in Baltimore. We strive to work with local partners like Struever Bros. to spur investment and enhance value in urban neighborhoods throughout America. Baltimore and this submarket epitomize the type of densely populated, ethnically diverse communities in which our fund invests. The Mount Vernon neighborhood has a built-in population base which is drawn to it by its proximity to Penn Station and the cultural institutions in the area." CJUF Partner Earvin "Magic" Johnson said, "The City of Baltimore is making a comeback. The city -- from Mayor Martin O'Malley
Struever Bros. Eccles & Rouse is both the developer and the general contractor for the project. The company was founded in 1974 and is a nationally recognized real estate organization engaged in the development, acquisition, construction and management of commercial and residential real estate. "Along with Canyon-Johnson, all of us at Struever Bros. believe that we have a responsibility to redevelop our communities and to create projects in urban areas that address housing and retail needs of these communities in Baltimore and around the country," said SBER President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Bill Struever. "We are tremendously pleased to re-affirm our commitment to the City of Baltimore and the Mount Vernon neighborhood with this new mixed use development. We are especially pleased about the opportunity because the seller of the land is Aegon, a company with its U.S. headquarters adjacent to the site and a vital ally and stakeholder in the ultimate vision for the neighborhood. Without Aegon, this development would not have become a reality." Citibank Community Development is providing a senior construction loan for the project. Andrew Ditton, Managing Director, added, "Citibank Community Development is very pleased to be part of the partnership that is making this urban in-fill project possible and to provide financing for the development. It reflects our commitment to revitalize communities by creating new homeownership opportunities and retail establishments, as well as our commitment to help make communities where we do business better places to live and work." Construction is expected to begin in February and project completion is expected in 18 months. The marketing agent for the condominiums is McWilliams Ballard. The architect for the development is Design Collective, Inc. of Baltimore, Maryland "Baltimore" redirects here. For the surrounding county, see Baltimore County, Maryland. For other uses, see Baltimore (disambiguation). Baltimore is an independent city located in the state of Maryland in the United States. . About Canyon-Johnson Urban Funds The Canyon-Johnson Urban Funds (CJUF) are the country's largest private real estate funds focused on the development of urban properties in underserved neighborhoods. A joint venture between Canyon Capital Realty Advisors and Earvin "Magic" Johnson's Johnson Development Corporation, the funds were formed to identify, enhance and capture value through the development and redevelopment of real estate in densely populated, ethnically diverse urban communities. The Funds' objectives are to seek current income and capital appreciation and, in addition to meeting investment goals, the funds are committed to providing for and fostering economic opportunities for the residents of the urban neighborhoods in which CJUF invests. With nearly $1 billion in committed equity capital, the funds are positioned to facilitate more than $4 billion in development and revitalization in major U.S. metropolitan areas. To date, projects have been undertaken in Atlanta, Baltimore, Brooklyn, Chicago, Cleveland Heights Cleveland Heights, city (1990 pop. 54,052), Cuyahoga co., NE Ohio, a residential suburb of Cleveland; inc. 1903. It is known for its beautiful homes and interesting shops. Forest Hills Park, once part of an estate owned by John D. Rockefeller, offers recreational facilities. , Las Vegas, Los Angeles, Miami, Milwaukee and San Diego. About Struever Bros. Eccles & Rouse Struever Bros. Eccles & Rouse (SBER) has been restoring urban landmarks and preserving the infrastructure that defines America's traditional downtown centers since 1974. SBER has a long-standing and prestigious record of success as an unequalled urban development and construction company. Nationally recognized for conquering challenging locations and complicated projects as a multi-role developer, builder and construction manager, the firm has an intentional focus on urban transformation, adaptive reuse and mixed-use redevelopments. With more than $2.3 billion in total investment in Baltimore, SBER has developed more than 18 million sq. ft. of commercial, residential and retail space for some of the nation's corporate leaders including Morgan Stanley, Brown Advisory Group and Johns Hopkins. While the company's projects populate Baltimore, its recognition for quality has reached communities in Delaware, Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. , Pennsylvania, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Massachusetts, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Tennessee. Struever Bros. Eccles & Rouse prides itself in discovering hidden value where no one else may see it -- revitalizing urban American neighborhoods as it builds an international reputation for excellence through quality, creativity and commitment to the community through its triple-bottom-line approach to business. Canyon-Johnson Urban Funds 9665 Wilshire Boulevard, Suite 200 Beverly Hills, CA 90212 Phone: 310-247-2700 / Fax: 310-247-8067 www.cjuf.com / www.canyoncapital.com Struever Bros. Eccles & Rouse 1040 Hull Street, Suite 200 Baltimore, MD 21230 Phone: 443-573-4000 / Fax 443-573-4404 www.sber.com |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion