With the depth of experience gained from the Historic Preservation of 1101 Pennsylvania Avenue and the adaptive reuse of 259 Worth Avenue in the heart of the Palm Beach Historic District, Metropolitan purchased 10 Light Street in 2012 and will commence its Historic renovation and conversion to residential use. The 520,000 square foot, 34 story structure will be converted to 445 for-lease residences.
The building, currently known as The Bank of America Building, formerly the Baltimore Trust Company Building, is a 509 foot skyscraper located in the heart of Baltimore’s Historic Financial District, at the corner of East Redwood and Light Streets. It is the most architecturally signifiant building on the Baltimore skyline. When completed in 1929, it was the tallest building in the state, and the tallest office building in the United States south of New York City. The Art Deco building is fashioned from Indiana limestone and local brick over a steel frame. The building’s exterior is decorated with carved, Mayan Revival-style images and is capped with a copper and gold mansard roof. The ornate, four-story main colonnaded lobby is decorated with mosaic floors and historic murals depicting Baltimore’s history.
Plans for the conversion of the building to residential use are being developed in conjunction with the Downtown Partnership of Baltimore, Baltimore Mayor Stephanie Rawlings-Blake, and the Baltimore Development Corporation. For the last several months, these agencies have worked with the previous owner and the developer on plans for its sale and conversion to residential use. It’s redevelopment will continue the strong residential growth pattern in the center of the historical financial district. The area, known as City Center, contains The 401, Baltimore’s fastest-growing residential neighborhood according to the 2010 U.S. Census. Housing demand research by Downtown Partnership, shows market demand for 5,800 new apartments in Downtown Baltimore over the next five years. The same neighborhood contains the highest concentration of office and employment uses in the city making for a dynamic walk to work environment fully supported by the retail of the Inner Harbor.
Adding retail and hundreds of new residents to the City Center will bolster a 24-hour life and critical mass of people in this important section of Downtown. The building, at 34 stories, has unsurpassed views of the city skyline and the Inner Harbor.
Other recent redevelopment efforts by the developer includes last year’s submission to the GSA to convert 1100 Pennsylvania Avenue (the historic Old Post Office) to a Waldorf Astoria hotel with a full compliment of destination retail on Pennsylvania Avenue in Washington, D.C. Shortly thereafter, Metropolitan engaged the same preservation experts to formulate a redevelopment plan for conversion of Baltimore’s most iconic landmark, 10 Light Street, to residential and retail use.