The developers of Owings Mills New Town have announced plans to build a $20 million, 304-unit apartment complex, the first rental project in the planned 5,000-unit development.
Ahmanson Developments Inc., a partner in the team that is developing the entire community, intends to begin construction on the rental complex later this year and complete it by late 1993. It will be called Red Run Apartments.
According to the developers, rents will range from about $600 to about $950 per month for the apartment units, which will be in three- and four-story buildings on a 15-acre parcel along Lakeside Boulevard.
A second phase will feature another 300 apartments on an adjacent 15 acres.
Red Run will be among the first eight residential projects in Owings Mills New Town. Two of the projects are now under construction.
New Town Development Corp. is the developer of the community, and Ahmanson Developments, a subsidiary of Home Savings of America, is developing several of the individual projects.
Other builders include Five Oaks Development Corp., which is constructing 109 town homes; Bozzuto & Associates of Greenbelt, which is building 136 garden condominiums; Meadow Development Corp. of Annandale Va., which is building 45 detached houses; and Spring Mill Development Inc., which is building 204 condominiums in a joint venture with Ahmanson.
"The Red Run Apartments are an important addition to the mix of single-family homes, town homes and condominiums now available at Owings Mills New Town," said James K. Griffin Jr., vice president of Ahmanson Developments.
Niles Bolton Associates of Atlanta is the architect and land planner for the apartment community.
A general contractor and management firm have not been selected.
Maryland National Mortgage Corp. is the lender for the project and recently was notified that the project has passed the first stage of processing for federal mortgage insurance, according to the developers.