What is in the first wave of tenants in the Brewers Hill development project?
David Knipp says all leasing rates are negotiable.
Industrial warehouse space in the renovated brewery building is about $15 per square foot, he said. Office space is in the low-to-mid $20 per square foot range.
When available, street-level retail space along Boston Street will command about $30 per square foot.
Rents on the 1,000 apartments planned for the 30-acre development site have not been set because they won?t come on the market until 2008, he said.
But real estate prices in the southeast Baltimore neighborhood have been climbing steadily for the past eight years, according to the Live Baltimore Home Center, which promotes the city?s residential opportunities.
The median home price this year is $229,000, up from 2005?s median of $205,000.
In 2004, the median price was $171,000, according to statistics gleaned from First American Real Estate Solutions. The data is based on title transfers in the neighborhood.
Prices have been steadily increasing since 1998, when the median price of existing houses was $52,450. Prices jumped on average $12,000 a year until 2002, when sales topped the $100,000 mark. It took only three years for the $200,000 threshold to be reached, Live Baltimore?s data show.
Jim Mikula, an agent with Long & Foster Co., said the housing market in the Brewers Hill neighborhood is attracting buyers who may have been priced out of the Canton and Fells Point areas.
“The Brewers Hill houses tend to be a little less developed and a little less rehabbed than the Canton houses,” he said. “But right now, the market has slowed up.”
