{"id":1004090367,"date":"2014-01-24T10:58:09","date_gmt":"2014-01-24T18:58:09","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=234281"},"modified":"2020-04-06T02:27:58","modified_gmt":"2020-04-06T10:27:58","slug":"joint-venture-to-convert-vacant-baltimore-warehouse-into-luxury-historic-lofts","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/joint-venture-to-convert-vacant-baltimore-warehouse-into-luxury-historic-lofts\/","title":{"rendered":"Joint Venture to Convert Vacant Baltimore Warehouse into Luxury Historic Lofts"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">The Raffel Building,<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/713x42318.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-234282\" title=\"713x42318\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/713x42318.jpg\" alt=\"\" width=\"300\" height=\"177\" \/><\/a> a historic building currently sitting vacant in one of Baltimore\u2019s most desirable neighborhoods, is on its way to becoming upscale apartments. Two local companies, Poverni Ventures LLC\u00a0and\u00a0Management Restoration Services LLC, have formed a joint venture to redevelop the abandoned warehouse at 111 W. Heath Street and turn it into the Heath Street Lofts.<\/p>\n<p style=\"text-align: justify;\">The Raffel Building consists of two interconnected buildings. It was constructed at the start of the 20th century, at the intersection of Heath and Clarkson Street, in Federal Hill. Once, the warehouse complex was home to the J.M. Raffel Co., a cardboard box\u00a0manufacturer. Now, it just sits vacant. In recent years, the Raffel Building attracted interest from many developers.<\/p>\n<p style=\"text-align: justify;\">\u201cThis building has a rich history of development that never materialized, and it is finally time to put it back to serve the South Baltimore community,&#8221; said\u00a0Eugene Poverni,\u00a0principal and founder of Poverni Ventures, in a press statement.<\/p>\n<p style=\"text-align: justify;\">Poverni Ventures LLC is a real estate development company, while Management Restoration Services LLC\u00a0is a property management company. The two acquired the 70,000-square-foot historic building last month, for $1.05 million. They plan to convert it into a luxury 60-unit apartment community for young professionals, students, or frequent commuters to Washington, D.C. via Interstate-95.<\/p>\n<p style=\"text-align: justify;\">The new Heath Street Lofts will include such Class A amenities as an on-site parking, gym, leasable storage units, a 24-hour front desk, and an oversized rooftop deck and event space with panoramic views of the city. The Urban Design Group is the project\u2019s architect and is designing the new community to achieve LEED Silver certification.<\/p>\n<p style=\"text-align: justify;\">\u201cRevitalizing this great industrial building will provide unique, modern, and luxurious housing for our residents while maintaining its historic charm,\u201d\u00a0Ibrahim Sheikh,\u00a0principal of Management Restoration Services, said. The developers plan to start construction this spring. The project is expected to be completed in late 2015.<\/p>\n<p style=\"text-align: justify;\"><em>Photo credits: <\/em><a href=\"https:\/\/udg-balt.com\/\" target=\"_blank\" rel=\"nofollow\"><em>Urban Design Group<\/em><\/a><em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Raffel Building, a historic building currently sitting vacant in one of Baltimore&rsquo;s most desirable neighborhoods, is on its way to becoming upscale apartments. Two local companies, Poverni Ventures LLC and Management Restoration Services LLC , have formed a joint venture to redevelop the abandoned warehouse at 111 W. Heath Street  and turn it into the Heath Street Lofts.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1579],"tags":[39414,1815],"class_list":["post-1004090367","post","type-post","status-publish","format-standard","hentry","category-baltimore","tag-baltimore","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Joint Venture to Convert Vacant Baltimore Warehouse into Luxury Historic Lofts - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/joint-venture-to-convert-vacant-baltimore-warehouse-into-luxury-historic-lofts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Joint Venture to Convert Vacant Baltimore Warehouse into Luxury Historic Lofts\" \/>\n<meta property=\"og:description\" content=\"The Raffel Building, a historic building currently sitting vacant in one of Baltimore&rsquo;s most desirable neighborhoods, is on its way to becoming upscale apartments. Two local companies, Poverni Ventures LLC and Management Restoration Services LLC , have formed a joint venture to redevelop the abandoned warehouse at 111 W. Heath Street and turn it into the Heath Street Lofts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/joint-venture-to-convert-vacant-baltimore-warehouse-into-luxury-historic-lofts\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-01-24T18:58:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-06T10:27:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/713x42318.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/joint-venture-to-convert-vacant-baltimore-warehouse-into-luxury-historic-lofts\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/joint-venture-to-convert-vacant-baltimore-warehouse-into-luxury-historic-lofts\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Joint Venture to Convert Vacant Baltimore Warehouse into Luxury Historic Lofts\",\"datePublished\":\"2014-01-24T18:58:09+00:00\",\"dateModified\":\"2020-04-06T10:27:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/joint-venture-to-convert-vacant-baltimore-warehouse-into-luxury-historic-lofts\\\/\"},\"wordCount\":335,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/joint-venture-to-convert-vacant-baltimore-warehouse-into-luxury-historic-lofts\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/01\\\/713x42318.jpg\",\"keywords\":[\"Baltimore\",\"National\"],\"articleSection\":[\"Baltimore\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/joint-venture-to-convert-vacant-baltimore-warehouse-into-luxury-historic-lofts\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/joint-venture-to-convert-vacant-baltimore-warehouse-into-luxury-historic-lofts\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/joint-venture-to-convert-vacant-baltimore-warehouse-into-luxury-historic-lofts\\\/\",\"name\":\"Joint Venture to Convert Vacant Baltimore Warehouse into Luxury Historic Lofts - 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