Great news for East Baltimore, crew! Financing has closed for the next 150 apartments at Perkins Square, advancing the $398 million redevelopment of the former Perkins Homes — one of the biggest neighborhood transformations in the city.
The two new phases represent about $87 million in development costs and will include 111 income-restricted apartments and 39 market-rate homes. The Maryland Department of Housing and Community Development will administer more than $49.3 million in federal Low-Income Housing Tax Credits, bond financing, and state Rental Housing Works funds for the construction. The work is led by McCormack Baron Salazar in partnership with the Housing Authority of Baltimore City, which will also serve as property manager.
“For it to be Maryland’s decade, it has to be Baltimore’s time,” said Gov. Wes Moore. Mayor Brandon M. Scott noted that legacy Baltimoreans helped shape the project from the beginning, and McCormack Baron Salazar CEO Vincent Bennett said every former Perkins household has been offered the opportunity to return, with families continuing to come home to the new Perkins Square.
Perkins Square is replacing the 629-unit Perkins Homes community built in 1942, as part of Baltimore’s 244-acre Perkins-Somerset-Oldtown Transformation Plan. When all phases are complete, the redeveloped community will feature 1,346 high-quality, energy-efficient rental homes. State support for the Perkins and Somerset redevelopment now totals nearly $292 million under the current administration.
Read the full announcement from the Office of Governor Wes Moore.