After considering proposals from nine different developers, Caves Valley Partners (CVP) has selected Questar Properties of Baltimore County to be its joint venture partner in constructing a 350-unit luxury apartment building at The Village of Cross Keys in North Baltimore.
Questar and CVP announced yesterday that they have reached terms on a joint venture agreement to create the residential project on a portion of the former Cross Keys Tennis Club and an adjacent vacant parking lot.
Questar will be the lead partner on the development, construction, and management of the apartment building, with CVP providing development support and coordination. The apartment building is part of a larger effort to redevelop the mixed-use community at 5100 Falls Road, including the office and retail portions of Cross Keys, which are being undertaken by CVP.
“One of the primary factors in our decision to proceed with the redevelopment of Cross Keys in the middle of the pandemic was the broad community support we had for the addition of a mid-rise luxury apartment building to the project,” said Arsh Mirmiran, the partner in charge for CVP, in a statement announcing the joint venture with Questar.
“With the backing of the surrounding communities, we successfully amended the Planned Unit Development for the property late last year and embarked on an effort to identify the ideal joint venture partner for the project.
“After a rigorous selection and negotiation process, during which we received detailed proposals from nine different local, regional, and national apartment developers, we felt that Questar’s vision for the Cross Keys project and its generational expertise developing luxury multifamily communities (including most recently its award-winning 414 Light Street project on Baltimore’s Inner Harbor), set them apart from a final list of very worthy competitors,” Mirmiran said.
Stephen M. Gorn, Questar’s Chairman and CEO, and Zach Gorn, Vice President and principal at Questar, both lifelong Baltimoreans, said they see the potential to create a first-class residential project at Cross Keys.
“We are thrilled to have the opportunity to develop a unique luxury residential community with Questar’s signature suite of best-in-class amenities, services and finishes at The Village of Cross Keys,” they said in the announcement.
“Cross Keys is special for many reasons, including its ease of access to all parts of Baltimore, its history as Baltimore’s premier boutique real estate development, and the amenities it currently has and will have as a result of CVP’s commercial redevelopment efforts,” they said. “We look forward to bringing this project to life.”
The developers said their vision is to create “one of the highest-quality apartment communities in the Baltimore area.” The design is expected to feature a resort-like feel, including a swimming pool deck, a multilevel amenity package and outdoor community space comparable to what Questar created with its building at 414 Light Street.
Construction of the apartment project is anticipated to begin in mid 2022 and be complete in late 2023. Its opening will mark the completion of the “short term” redevelopment efforts at Cross Keys and leave land south of the apartments for construction of a Class A office building, a future phase to be completed by CVP.
Terms of the joint venture and a budget for the apartment project were not disclosed.
CVP is a locally-based development company focused in Baltimore City and Baltimore County. The company is developing a $300 million mixed-use project called Stadium Square project in Sharp-Leadenhall; the 1.1 million-square-foot Metro West office complex on downtown Baltimore’s west side; the Warner Street Entertainment District in south Baltimore; Towson Station and, with Greenberg Gibbons, the mixed-use Towson Row development.
The firm has also undertaken the redevelopment of Towson City Center; 1111 Light Street; 211 Schilling Circle in partnership with B&B Realty, and several other Baltimore area projects. It became the master developer of Cross Keys last summer, when it acquired the commercial assets of the community from Ashkenazy Acquisition Corporation. Cross Keys also has a hotel and nearly 700 residences that CVP didn’t acquire.
Questar is a fourth generation, privately-held real estate investment and development company that specializes in high-end multifamily residential projects. Its capabilities include development, general contracting, and property management. Since its founding, it has developed more than 13,000 homes and apartments and executed $3 billion worth of real estate transactions in the state of Maryland.
Gosh, one of the charms of Cross Keys is that it was so low profile. Not sure these apartment designs are a good fit.