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BALTIMORE, MD-An $8.9-million restoration of the historic but downtrodden Chateau apartment building at 903 Druid Park Lake Dr. moves forward with the Baltimore City Board of Estimates’ recent granting of a $1.1-million loan to the team of developers behind the project. Upon completion, the 42-unit vacant structure will offer 47 rental apartments, three-quarters of which will be reserved for low-income residents.

Chateau Housing Partnership–comprised of Pennrose Properties Inc., Halliday Properties and Consolidated Investment & Management Group–acquired the structure from Gulf National Corp., which marketed Chateau through Ben Frederick Realty for $525,000. Baltimore’s Department of Housing and Community Development had planned to demolish the 80-year-old, eight-story eyesore and replace it with a park before Pennrose decided to refurbish the Chateau, just as it had refurbished the dilapidated apartment building next door.

The project’s financing derives from $2.5 million in low-interest loans, $3.3 million in federal low-income housing tax credits and $2.3 million in historic tax credit financing. The addition of affordable housing as well as the desire to revitalize the Reservoir Hill neighborhood has spurred local government interest. Groundbreaking is anticipated to take place later this summer.

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