New Transaction with the Housing Authority of Baltimore City to Allow for Next Phase in Urban Renewal Plan
NEW YORK, Aug. 24, 2023 /PRNewswire/ -- La Cité Development, an award-winning real estate development corporation, announced today that it has entered into an agreement with the Housing Authority of Baltimore City to sell a 16,553 square feet site located on West Saratoga Street in the West Baltimore Poppleton area, as part of the Poe Homes Redevelopment project.
The acquisition will allow for the redevelopment and planned expansion of Poe Homes, a 288-unit public housing development in disrepair, to support and accommodate existing and future residents of all income types, family composition, and lifestyles.
Valued at $1.1 Million, the site is proposed to be developed as part of a larger Planned Unit Development and will contain 30 residential units and will deliver 36,000 square feet of residential space upon completion.
Since its inception, La Cité Development, has been committed to building great neighborhoods in partnership with governmental bodies such as the Housing Authority of Baltimore City, the fifth largest housing authority in the US, and alongside community and cultural organizations such as the Edgar Allan Poe House & Museum. This agreement will equally support the expansion of the current offering of the neighboring Poe Baltimore, for which further details will follow.
"La Cité is thrilled to contribute to HABC's mission of transforming neighborhoods, which has seen the Poppleton area change into a safer, stronger and more resilient neighborhood. We have taken great pride in creating local job opportunities and bringing back small businesses." said Dan Bythewood, La Cité's President. "We will continue to work closely with the local public authorities and the community in building more prosperous, safer and inclusive neighborhoods."
"The Housing Authority of Baltimore City is excited to announce that La Cité has sold the development rights of three parcels for creating affordable housing in the Poppleton neighborhood. HABC is working with the City to complete the acquisition of these parcels. We are pleased that these parcels will be part of the Transform Poe Redevelopment Project to create much needed housing opportunities." said Janet Abrahams, President and CEO of the Housing Authority of Baltimore City.
La Cité invested over $102 million in the Poppleton area with its first two buildings. This large-scale redevelopment, recognized by numerous accolades including the prestigious Urban Land Institute's WaveMaker Award and the Baltimore Business Journal's Best in Real Estate Award, has seen a 40+% drop in crime in the area since the redevelopment and construction of its first Class-A multi-family buildings.
About La Cité Development
Founded in 2001, La Cité Development, is a real estate development corporation investing in strategic real estate ventures in the US and abroad, with a portfolio in affordable housing, multi-family, mixed-use and hotel development. La Cité's philosophy embraces investment in neighborhoods that have been largely overlooked and promotes developments with a strong commitment to providing transformative change in the lives of local communities.
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SOURCE La Cité Development
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