BALTIMORE (WMAR) -
The City of Baltimore has announced that the signature office tower at 10 Light Street has been sold and will now be converted into apartments.
The Downtown Partnership of Baltimore announced that the towers have been purchased by Metropolitan Baltimore, LLC., which will convert the building to residential units and a ground floor retail.
The transaction furthers the Mayor's goal to increase the City's population by 10,000 families and continues the strong residential growth pattern.
Housing demand research conducted by the Downtown Partnership, shows market demand for 5,800 new apartments in Downtown Baltimore over the next 5 years.
In its 2011 Strategic Plan, the Partnership put 10 Light Street at the top of a list of 25 under-used buildings whose return to full use was important to Downtown's future.
The Art Deco building, originally constructed in 1924, was home to the Baltimore Trust Company for less than a year in 1929, and then used by the Public Works Administration. From the 1940s to the 1960s, the building was known as the Mathieson Building, and then was purchased in 1961 by Maryland National Bank.
Maryland National Bank was then purchased by Nations Bank in 1993 and then merged with Bank of America in 1997. Major portions of the building have already been restored.
"Bringing 10 Light Street back to full occupancy through adaptive reuse addresses three of my top priorities for Downtown," said Baltimore Mayor Stephanie Rawlings Blake.
"With Downtown apartment buildings at almost 100 percent occupancy, the demand for this project is clearly there," said Downtown Partnership of Baltimore President, Kirby Fowler. "Adding retail and hundreds of new residents will bring 24-hour life and build a critical mass of people in this important section of Downtown. "