News Article

New High Rise at the Hopkins Science & Tech Park


(1/11/2010) Allen & O'Hara Development Co., a subsidiary of Education Realty Trust Inc. (NYSE:EDR), one of the nation's largest developers, owners and managers of university housing properties, has been hired by East Baltimore Development Inc. to design, develop and manage a new state of the art 20-story, high-rise apartment and graduate student housing complex at the corner of Ashland Avenue and North Wolfe Street in Baltimore.

The high rise will house medical students, nursing students and fellows at the adjacent Johns Hopkins Medical Institute (JHMI) as well as students from Universities in close proximity to the new housing; however, the over 4,000 students currently enrolled at the JHMI schools will be the primary residents of the community. Johns Hopkins University currently provides limited housing for the graduate students on the medical center campus. A portion of the current housing will be taken out of service when the new project opens.

Allen & O'Hara has selected Marks, Thomas Architects as the lead firm on the architecture and design of the project, and Clark Residential as the general contractor. Both companies have extensive experience in the development of projects in the Baltimore area. Local developer, The Otis Warren Company, has been chosen to assist Allen & O'Hara in the development process. Site entitlements have been obtained, design is well underway and construction is scheduled to begin in June 2010 for a June 2012 opening.

The graduate student housing project is part of a master planned, 88-acre, urban re-development that will include 1.1 million square feet of life science technology space, 400,000 square feet of office and retail space, 2,100 mixed income housing units, parking and a seven-acre campus with a pre-kindergarten to eighth grade public school. The Graduate Housing Project will be located , across from a three-acre open green space park.

Consistent with an independent market study, the graduate student housing project will consist of 321 apartments (572 beds) in a unit mix of primarily 1-bedroom/1-bath, 2- bedroom/2-bath and efficiency units in proportion to indicated demand levels. The project will feature various residential amenities including a green roof for socializing and gathering, a fitness center, as well as meeting and study rooms. The units are appointed with hardwood floors, granite countertops, stainless steel appliances, along with washers and dryers in each unit and high speed internet access linked directly into the University computer system. LEED's Silver certification will be sought for the project.

"Being an integral part of the major urban re-development project untaken by EBDI is very exciting and gratifying," said Tom Trubiana, Chief Investment Officer for EDR. "It requires a significant amount of collaboration and cooperation to develop quality housing at affordable rents.

Commencement of construction is subject to execution of final definitive agreements and the ability to securing acceptable financing from several options that are currently being evaluated.

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