Multi-Housing News - May 2009 - (Page 16)

case study By Jeffrey Steele, Contributing Editor A A few years ago, developer Patrick Turner was walking through Baltimore’s Ft. McKinley area when an old grain elevator caught his attention. The towering concrete building at the water’s edge was long, thin and offered panoramic views of the Baltimore harbor, making it a natural for transformation into a luxury condominium building. A sign on the property informed the curious that in case of emergency they should call Archer Daniels Midland (ADM). Turner called, and the operator thought he was dialing in to report trouble. Turner assured her that this was not the case. In fact, he said, he wanted to buy the grain elevator. This revelation led to telephone calls to ADM’s president and subsequently to the senior vice president of grain operations. For the next six months, that ADM official responded to Turner’s repeated inquiries by assuring him again and again that the grain elevator was not for sale. “Finally, in the seventh month, he asked what we intended to do with it, because given its explosion resistance, it would be too costly to tear down,” Turner recalls. “I told him I wanted to put in luxury condos. And then he asked me for more informa- Industrial Chic Baltimore developer Patrick Turner has transformed an old grain elevator into an urban, mixed-use oasis and adaptive reuse showcase tion on our company—obviously thinking I was either brilliant or insane.” Seven years later, it seems the president of Baltimore’s Turner Development Group was brilliant. First move-ins took place in January at his newly opened Silo Point, a 228-unit luxury condominium development built into the old B & O Railroad grain elevator. Even in this difficult environment, 25 percent of the units first placed on the market in October have sold. And Silo Point has won eight awards, including the National Association of Home Builders (NAHB’s) Best Attached Residential Community for 2009.

Table of Contents for the Digital Edition of Multi-Housing News - May 2009

Multi-Housing News - May 2009
Contents
From the Editor
Executive Insight: David Picerne
Market Pulse
Investment: A Safer Haven
Finance: Weathering the Risks
Case Study: Industrial Chic
Profile: Green Properties
Technology: Social Media
Renovation Tips
Products: A Touch of Luxury
Perspective: Employee Relations

Multi-Housing News - May 2009