The feds have awarded $30 million to Baltimore City to kick off a rebuild of the 75-year-old Perkins Homes, nearby Oldtown and the former Somerset Homes.
By razing 629 units spread across the Perkins Homes’ 48-building community in stages, the city and developers are aiming to construct a larger, 1,345-unit community on 244 acres that the mayor’s office is calling a “transformation zone.” Demolition is slated to begin within a couple years.
Led by Harbor Point developer Beatty Development, the effort is expected to approach $1 billion in costs. The mayor’s office is proposing a tax-increment financing plan to put $102 million—down from earlier estimates of at least $250 million—in public funds to help pay for the project.
The combined Perkins Homes, Somerset Homes and Oldtown area at present holds 5,939 residents in 2,122 households, said Janet Abrahams, executive director of the Housing Authority of Baltimore City, at a press conference today outside the Perkins Homes rental office.
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