Work is underway to rehabilitate a vacant building in the heart of the Station North Arts District into an exciting mixed-use project. The ground-floor will serve as the headquarters of Graham Projects, a public art and placemaking social enterprise, while the second and third floors will provide 8 workforce-affordable residential rental units.
The property has served a variety of functions over the years, including as a carriage house for horses in the late 1800s and as an auto shop for much of the 20th century, but it has been vacant for several years. The development team, led by Rick Byrd and Tamir Ezzat, are undertaking a $1.5 million full-gut rehabilitation project to bring the building back into productive use.
Given this adaptive reuse project will create needed workforce housing and a new headquarters for a growing and nationally recognized social enterprise, Central Baltimore Partnership awarded $275,000 in grant funding to make this redevelopment possible.
NIIF was proud to complement this support with a $935,000 loan to enable the development team to stabilize the property, complete the rehabilitation, and ultimately secure long-term commercial financing.