Bell cuts ribbon to open Meltzer's McCormick project

REAL ESTATE WATCH

December 08, 1996

David Laurence Meltzer staged a ribbon-cutting ceremony last week for the third and largest project in his growing business of acquiring, renovating and managing Baltimore apartment buildings under the name of Laurence Holdings.

City Council President Lawrence A. Bell cut the ribbon to formally open the Laurence McCormick Apartments at 2200 Maryland Ave., in the South Charles Village neighborhood, and praised Meltzer's efforts.

The name for the large, end-of-row brick building comes from the spice-connected McCormicks said to have owned it around the turn of the century. Meltzer, 31, formerly a mortgage banker, said the building appeared to have been converted to apartments around 1920, and "had evolved into a flophouse."

A poster board display of photos showed some of the problems he encountered -- water damage to walls and ceilings from leaks or poor roof drainage in some of the 13 apartments, fire damage in one unit, and a nonfunctioning furnace.

Meltzer said he purchased it for $80,000 and spent nearly $110,000 in an overhaul that included new kitchens, windows, wiring and plumbing, restoring some 5,400 square feet of oak flooring and turning the first-floor front apartment into a Victorian-furnished lobby and sitting room.

The building now has one office space and 11 small (you might even say tiny) efficiency and one-bedroom apartments, all of which have been taken since they were put up for rent Nov. 20 at prices of $285 to $375 a month -- mostly to young professionals, Meltzer said.

Pub Date: 12/08/96

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