Developer Caves Valley Partners hopes construction starts on the second apartment building at the $275 million Stadium Square project in Baltimore next summer, and the building likely will involve another deal with Hanover Co.
Arsh Mirmiran, a partner at Caves Valley Partners, said following an Urban Design and Architecture Review Panel hearing on Thursday that his firm hopes to break ground on the second apartment building once leasing is complete at Hanover Cross Street, which was delivered this summer.
“It’s not set in stone, but we’ve had significant conversations with (Hanover Co.) and we’ve progressed to design with them,” Mirmiran said.
Hanover Co. built Stadium Square’s first apartment building after purchasing the land from Caves Valley. The Texas-based company delivered Hanover Cross Street, a 299-unit building with 8,000 square feet of retail, this summer.
While there’s no “economic partnership” on Stadium Square between Caves Valley and Hanover Co., Mirmiran said there exists a “project partnership” between the companies.
“We’re doing a lot of co-marketing. If there’s a retail tenant that’s a better fit for them then we give it to them,” he said.
In 2014, Caves Valley announced plans to build the development near the city’s historic Sharp-Leadenhall neighborhood in an industrial area between M&T Bank Stadium and Federal Hill. At full build-out plans for Stadium Square call for 300,000 square feet of office space, 80,000 square feet of retail space, 650 apartments and more than 2,000 parking spaces.
Stadium Square’s first office building, a 72,000-square-foot project at 145 W. Ostend St., landed its first major tenant in May. Financial services firm Janney Montgomery Scott announced it would be moving its local offices to the building from Baltimore County.
Caves Valley also plans an adaptive reuse of the former Vac Pac building at 150 W. Ostend St. that Mirmiran says has drawn interest from a tenant as a built-to-suit project.
On Thursday, Baltimore’s design review panel considered schematics for a proposed parking garage at Stadium Square. The roughly 800-car garage would be used for parking for the office buildings and potentially for night and weekend uses.
The parking garage schematics, Mirmiran said, were presented to the panel even though there’s no concrete timeline to start construction on the garage. Ideally the developer would deliver the garage at the same time as the third office building.
“We don’t want this to sort of be the tail wagging the dog. So, we want to be sure that this is approved, that the layout is approved, and that it’s priced and ready to go so that when we get a major office tenant for the other remaining office buildings that we don’t end up getting held up by the design of the garage,” he said.
Schematics for the garage were designed with the potential of including solar panels on the south side of the building. Architects from Design Collective said they envisioned using the solar panels on the garage, which would be visible driving into the city from Interstate 395, to signal Baltimore as “forward-thinking” city.
Mirmiran said the garage has the potential to have an impact beyond parking for office tenants at Stadium Square. Caves Valley is exploring using the garage for valet parking at night for restaurants and as employee parking for a potential Warner Street entertainment district.
“I think we have an opportunity to help not just our project but all of south Baltimore’s restaurant scene, (and) elevate (the scene) in a big way by virtue of being able to provide valet parking for all of the restaurants that are there,” he said.