{"id":1004035542,"date":"2011-12-14T05:22:55","date_gmt":"2011-12-14T13:22:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004035042"},"modified":"2020-04-02T11:24:32","modified_gmt":"2020-04-02T19:24:32","slug":"baltimore-breaks-ground-on-72m-mixed-used-union-wharf-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/baltimore-breaks-ground-on-72m-mixed-used-union-wharf-project\/","title":{"rendered":"Baltimore Breaks Ground on $72M Mixed-Used Union Wharf Project"},"content":{"rendered":"<p><strong>December 14, 2011<\/strong><br \/>\n<em>By Nicholas Ziegler, News Editor<\/em><br \/>\n<a class=\"highslide\" onclick=\"return vz.expand(this)\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/121411-Union-Wharf-Baltimore.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004035043\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/moghadam-hamid-150x150\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Moghadam-Hamid-150x150.jpg\" data-orig-size=\"150,150\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Moghadam-Hamid-150&#215;150\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Moghadam-Hamid-150x150.jpg?w=150\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/121411-Union-Wharf-Baltimore.jpg\" alt=\"\" title=\"121411 - Union Wharf Baltimore\" width=\"300\" height=\"164\" class=\"alignright size-medium wp-image-1004035043\" \/><\/a><\/p>\n<p>In a spot of good news for Baltimore, the Bozzuto Group yesterday broke ground on the city\u2019s $72 million Union Wharf project, a mixed-use waterfront development. The project is slated to bring 281 upscale apartments, 4,500 square feet of retail and nearly 500 parking spaces to the city\u2019s Fells Point neighborhood.<\/p>\n<p>Located on the eastern edge of the\u00a0Fells Point\u00a0peninsula on an undeveloped site overlooking the Inner Harbor, Union Wharf has been accepted into\u00a0Maryland&#8217;s Voluntary Cleanup Program and is being built to achieve LEED Gold certification from the U.S. Green Building Council. Penny Pritzker, CEO of Chicago-based Pritzker Realty Group, called the project \u201ca prime example of Class A urban infill multi-family development.\u201d Pritzker is partially funding construction on Union Wharf.<\/p>\n<p>Like most of the nation, the Baltimore metro area has been lagging in its economic recovery. The city\u2019s unemployment rate jumped in the third quarter, according to a report by commercial real estate services firm Jones Lang LaSalle, indicating that uncertainty will likely persist through 2012. At the end of the third quarter of this year, the rate stood at 7.9 percent, an 0.9 percent rise since April. \u201cDeclines in payrolls and an increasing number of homeowners behind in their mortgage payments are anticipated to weigh on the economy for the foreseeable future,\u201d the report concluded.<\/p>\n<p>According to the <em>Baltimore Sun<\/em>, last month Bozzuto started work on an apartment project in\u00a0nearby <a href=\"https:\/\/www.baltimoresun.com\/topic\/us\/maryland\/anne-arundel-county\/crofton-PLGEO100100602040000.topic\" target=\"_blank\" rel=\"nofollow\">Crofton<\/a>, and executives hope to begin construction on a complex in\u00a0<a href=\"https:\/\/www.baltimoresun.com\/topic\/us\/maryland\/anne-arundel-county\/odenton-PLGEO100100602080000.topic\" target=\"_blank\" rel=\"nofollow\">Odenton<\/a> in February.<\/p>\n<p>The project is financed in part through a partnership between Bozzuto, CIGNA and Pritzker, and a construction loan from PNC Real Estate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bozzuto Group yesterday broke ground on the Baltimore&#8217;s $72 million Union Wharf project, a mixed-use waterfront development in the city&#8217;s Fells Point neighborhood.<\/p>\n","protected":false},"author":1269,"featured_media":1004038195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21752,21742,10,21749],"tags":[],"class_list":["post-1004035542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-mixed-use","category-latest","category-northeast","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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