Apartment complex wins city loans

December 09, 1993|By Edward Gunts | Edward Gunts,Staff Writer

Developer Israel Roizman's $35.4 million plan to renovate the Renaissance Plaza apartment complex in Baltimore's Reservoir Hill neighborhood cleared a key hurdle yesterday as the city's Board of Estimates voted to approve $10.25 million worth of loans for the project.

The loans -- $6.75 million from the HOME Investment Partnership Program and $3.5 million in Community Development Block Grant funds -- are part of a financial package that also includes state and federal funds and developer's equity.

The money will pay for a thorough renovation and modernization of the three-building Renaissance Plaza complex, which has been in state receivership since 1991. Last spring, a team headed by Roizman Development of Norristown, Pa., and the Related Cos. of New York was named the new developer. The Baltimore Corporation for Housing Partnerships is also part of the effort.

The development team hopes to begin work next month and complete the renovation in phases by the end of 1996. Slated for refurbishment are the Emersonian at 2502 Eutaw Place, the Esplanade at 2525 Eutaw Place, and Temple Gardens at 2601 Madison Ave. They were built between 1912 and 1926.

Mr. Roizman has described the work as a "gut rehab," including all-new mechanical systems and appliances and removal of lead paint and asbestos. Some apartments will be reconfigured, reducing their number from 317 to 302. In all, the Emersonian will contain 61 apartments, Temple Gardens, 146, and the Esplanade, 95. GGK of Philadelphia and Menefee & Associates of Baltimore are the architects.

Eighty-four apartments will be rented without subsidies at monthly rates ranging from $416 to $640. The other 218 will be reserved for current tenants, elderly tenants and applicants who earn between $19,500 and $28,300 a year.

Residents of the 105 apartments that are now occupied will be relocated within the complex as work proceeds, said Patricia Massey, executive director of the Baltimore Housing Partnerships.

The Esplanade renovation will cost an estimated $10.69 million. Funding sources include $2.59 million from the HOME Program, $1.41 million from the state's Rental Housing Production Program, and $6.69 million from syndication of tax credits.

The renovation of Temple Gardens and the Emersonian is expected to cost $24.7 million. Funding sources include $4.16 million from the HOME Program; $3.5 million from the block grant program; $2.62 million from the state's Multi-Family Bond Program; and $2.14 million from the Rental Housing Production Program. The developer would contribute $1.6 million, and syndication of tax credits would raise $10.7 million.

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