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The entrance of the proposed 18-story The Pinnacle condominium building. (Courtesy Pinnacle Development Investors LLC.

Pinnacle brings unique model to Baltimore condo market

Pinnacle Development Investors LLC announced plans on Tuesday to build an 18-story luxury condominium tower in HarborView.

The Pinnacle involves a unique business model in which owners of the condominiums are investors as well as developers in the 30-unit project.

“Nothing has been structured like the Pinnacle. The Pinnacle is very special simply because … we are not a for-profit developer. Therefore, our decision process is in the best interest of our residents,” said David Swirnow, of Pinnacle Development Investors LLC. “Therein lies the very big difference between the Pinnacle and anything else in the marketplace.”

Owners at the Pinnacle, which will be located at 1 HarborView Drive, will pay assigned costs for land acquisition, infrastructure, parking rights, building plans as well as a proportionate share for constructing the shell, core and commons area of the building.

They will then work with a designer and contractor of their choosing to customize their units. So far, about half of the planned units have been reserved.

The construction of the tower is expected to cost $25 million. It’s estimated that it will cost about $18 million to complete all the units, and there’s an additional $12 million associated with the podium site on top of an existing garage that will provide parking for the new units.

“This all started around the dinner table with friends and somebody said … ‘Hey wouldn’t it be neat if we could all buy some property and build some condominiums? … There really aren’t many upscale luxury condominium options in and around Baltimore,” Swirnow said.

Planned amenities at the building include a rooftop terrace with a game room, outdoor dining and a juice bar. There will also be a fill-time reception desk, a valet parking station and a state-of-the-art conference room, according to a news release about the project. The building will also provide 360-degree views of Baltimore’s skyline as well as the Inner Harbor.

Miami-based architect Robert M. Swedroe is completing the project’s design, and Jay Jenkins, of Jenkins Baer, is handling the design of common area spaces. Residents are expected to be able to move into the building by late 2016. Initial plans to build the Pinnacle date back about decade, but they were derailed by the crash of the housing market in 2008.

“At the end of the day, this an opportunity to have a very high-end luxury apartment or condominium at a good price,” Swirnow said.

About Adam Bednar

Adam Bednar covers real estate and development for The Daily Record.