Construction Begins On 153-Unit Mixed Use Complex In Mount Vernon
BALTIMORE (WJZ) -- A Baltimore neighborhood that used to be a home for businesses is now seeing a flood of new housing.
Today, construction began on a new Mount Vernon mixed-use complex at 500 Park Avenue that will include 153 apartment units and retail.
"There's a real movement of people coming back downtown, people want affordable living they want to live in interesting neighborhoods," says Mark Caplan, president and CEO of the Time Group.
In the past 15 years, in fact, downtown living has increased by 130 percent.
"Since the recession lifted, we've really had a huge resurgence of downtown living," Caplan says. "We've had this building and five or six others that have come on line and they're filling up quickly."
And while the city is giving millions in tax breaks for the apartments, it's projected that it will receive millions more back in taxes, as apartment buildings are worth more than parking lots.
According to our news partners at The Baltimore Sun, the apartments are expected to welcome the first tenants in June 2017.
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