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BALTIMORE, MD-A once-celebrated, towering office building has evolved into a luxury apartment complex as developers complete the $25 million conversion of the historic Standard Oil Building into The Standard. After two years of construction, the 202-unit residential tower with ground-level retail space will welcome its first tenants next month.

Built in 1928 at 501 St. Paul Street, the former Standard Oil Building is listed in the National Register of Historical Places. Designed with a limestone façade, it consists of 189,000 sf and is 15 stories tall. The property was most recently appraised–before added improvements–at $1.5 million. Southern Management is the developer behind the apartment building and purchased the property two years ago for $2 million from Stanbalt Associates, for whom the building was also once named.

Local government officials hope the new high-end residential development will help spur other developments in the less than well-traveled area, and will likely back up serious offers with subsidies and tax breaks, as it did with The Standard developers.

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