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Howard's condos are hot

Baltimore Business Journal - April 7, 2006

by Heather Harlan

Downtown Baltimore isn't the only spot in the region where waterfront condominiums are pushing the million-dollar mark.

Now, Howard County is offering luxury, lakeside condos with an extravagant price tag.

WCI Communities Inc. of Florida is planning a 22-story residential complex where penthouses overlooking Lake Kittamaqundi in Columbia are advertised for more than $2 million each.

Although prices for the 160-unit Plaza Residences at Columbia Town Center started in the mid $500,000 range, early reservations and increased demand have driven that figure to $600,000, said Bill Rowe, vice president for WCI Communities.

Prices for the penthouse units have risen from $1 million to at least $2 million, he said.

"Since we started marketing the project and set up a Web site, we've had over 1,000 inquiries," Rowe said. "We've had tremendous demand for the penthouses."

All told, Rowe said the development firm has taken reservations for 40 percent of the units, which range in size from about 1,500 square feet to 3,500 square feet.

Making a reservation requires a potential buyer to place a $25,000 deposit, considered standard in the regional condo market. Developers cannot proceed with contracts until state and federal approvals of condo documents are secured -- a process that WCI has started.

Interest in the estimated $60 million project is coming from existing Howard County, Baltimore, Washington, D.C., and Northern Virginia residents. Baby boomers, in particular, have generated a lot of demand.

Rowe said he is finalizing developer agreements with Howard County government and has submitted building permits. Construction on the project is expected to begin in June with completion slated for mid-2008.

The Howard County Planning Board voted in January to approve the Plaza Residences, despite opposition from some community members who believe the high-rise building is out of scale for the area. At 275 feet, the tower that also soars over the Mall in Columbia will be the tallest in Howard County.

Hale hires new brokerage team

Developer Edwin F. Hale Sr. has picked a new team to lease Canton Crossing in East Baltimore.

Hale, also CEO for First Mariner Bank, named CB Richard Ellis Inc. to market and fill up the 476,000-square-foot office tower. CB's Kevin Wille, Kim Penny and David Fields will handle the requirement.

CB Richard Ellis, a national commercial real estate firm with a downtown Baltimore office, replaces Trammell Crow Co. as the listing agent for Canton Crossing. T. Courtenay Jenkins III and Karen Marchetti were leading Trammell Crow's efforts to lease the building.

Both buildings are considered the newest Class A, office complexes in Baltimore City. Located in the central business district, 500 E. Pratt St. is 95 percent leased.