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BALTIMORE-The first tenants moved into Centerpoint two years after ground broke on the 394-unit, multi-structure apartment community. Developed by Centerpoint LLC, a joint venture involving Bank of America’s Community Development Banking and Atlanta-based Harold A. Dawson Co. Inc., the project cost approximately $80 million to complete. Greenbelt-based the Bozzuto Group’s Bozzuto Management Co. is on board as the manager of the upscale multifamily property.

Located Downtown, Centerpoint–along with other projects such as the recently redeveloped Hippodrome Theatre/France-Merrick Performing Arts Center across the street–is expected to contribute to the revitalization of the West Side’s Howard Street Corridor. The compound sits on a two-acre, square-block parcel bounded by Howard, Eutaw, Baltimore and Fayette streets. As part of the development, nine neighboring historic structures were preserved and renovated, and now contain the property’s 173 loft-style residences; the remainder of the 221 units are housed in a new 17-story apartment tower.

Centerpoint also features 35,000 sf of ground-level retail space, as well as a seven-story parking facility to accommodate up to 400 vehicles. Additionally, residents of the luxury apartment compound can take advantage of such on-site amenities as a state-of-the-art fitness facility, a business center, and a lounge and billiards room.

Not only is Centerpoint beneficial to the revitalization of the Downtown submarket, it is also a plus for the city’s apartment market, as rental properties are in great demand. According to Delta Associates’ Mid-Year 2004 Apartment & Condo Report, Baltimore has a stabilized vacancy rate of just 1.1% among class A apartment facilities.

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