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The former Baltimore Stock Exchange Building, now known as the Totman Building, will be converted into a mix of apartments and commercial space. (The Daily Record / Maximilian Franz)

Trademark plans Totman Building apartments

Fulton-based Trademark Properties plans to convert the former  Baltimore Stock Exchange Building into a mix of market-rate apartments and commercial space.

Baltimore’s Board of Municipal and Zoning Appeals is scheduled to review the proposal for the property at 208-210 E. Redwood St. on Oct. 20 for a parking variance. The building is unoccupied and has no on-site parking.

The proposal for what is now known as the Totman Building includes 20 apartments and commercial space on the bottom floors. The conversion is expected to cost $3.3 million.

“We really don’t do any amenities, like a gym or anything like that in the building, and we’ve been pretty successful at that,” Pat Grace, owner of Trademark Properties said. “We’re sort of higher-end apartments, where the finishes and things like that are fairly high-end, but it’s pretty much living space and no extra … no dog-washing station or anything like that.”

Trademark previously handled apartment conversion projects in Baltimore, such as 505 Park Ave. and 803 Cathedral St. in the Mount Vernon neighborhood. Generally, the firm does not include commercial space in its properties, but Grace said historic details on the bottom floors could not be preserved and allow the conversion of the spaces to residential units.

“That space didn’t really lend itself to residential because you can’t really put up a bunch of walls and things like that. The second floor … has 26-foot ceilings … we really had to leave the space opened up because there’s so much historic materials we’re going to keep intact,” he said.

The building is currently under contract, and Trademark is still in the study period of that agreement for about another week. The transaction is expected to close in mid-December.

“We don’t foresee anything that will stall the project or stop us from closing on it,” Grace said.

Al Barry, of AB Associates, the project’s land-use consultant, said the project has already received a letter of support from the Downtown Partnership of Baltimore.

The six-story building has 26,593 gross square feet of space and was built in 1906 by Howells & Stokes Architects, according to the property’s market summary. The Baltimore Stock Exchange operated at the site until 1949, when it merged with the Philadelphia Stock Exchange.

Developers have been investing heavily in converting Class B office space into apartments, spurred in part by a 15-year tax credit. The growth in converting office space to apartments downtown is also being driven by a demographic shift that has found Millennials prefer to live, work and play downtown.