BALTIMORE-A partnership of Poverini Ventures LLC and Management Restoration Services LLC hopes to begin construction in May on the conversion of the empty Raffel Building warehouse here into an upscale apartment development.
Principal Eugene Poverini says the plan calls for the conversion of the building into 60 upscale apartments. Management Restoration Services will be the general contractor on the project. The venture’s 111 Heath Lofts LLC purchased the 111 W. Heath St. property, which had been targeted previously for conversion to condominiums, in December for $1.05 million, according to the Baltimore Sun.
Poverini is hoping that the popularity of the nearby Federal Hill section of the city will fuel interest in the property and help revitalize the area.
“The reason why this piece of Federal Hill has been stagnant, at least in our opinion, has been because there’s this big, empty building sitting there,” he says. “Once we get this building built and leased, that’s going to change this perception about the wrong side of Hanover Street.” See story in the Baltimore Sun.