For Immediate Release
L.F. Jennings is working on MCB Real Estate’s Phase II of an exciting new development across from Johns Hopkins Bayview campus.
This Opportunity Zone development is the redevelopment of the former Porcelain Enamel Manufacturing Company (PEMCO) closed in 2006 after nearly 100 years in Baltimore. The contaminated site was designated a brownfield and required extensive environmental remediation.
Phase II includes the construction of a mixed-use residential building consisting of five and seven-story buildings with 227 residential units, amenity space, a courtyard, ground floor retail, and a precast concrete parking garage. The residential building wraps around the garage on three sides. In addition, phase II includes a three-story, 82,800 SF medical office building, a 2,000 SF ground floor pharmacy, and the 74,000 SF, three-floor medical tenant fit-out.
The pedestrian-friendly town center designed by BCT Design Group represents a landmark redevelopment and catalyst for rapid growth in a long underutilized and derelict industrial section. Also notable is the project’s use of New Market Tax Credits, a federal program that rewards investment benefiting low-income communities, and local property tax credits as part of an Enterprise Zone.