BALTIMORE — McCormack Baron Salazar and the Housing Authority of Baltimore City have closed on financing for the next 150 apartments at Perkins Square, advancing the $398 million redevelopment of the former Perkins Homes in East Baltimore. The two phases, representing approximately $87 million in development costs, will include 111 income-restricted and 39 market-rate units.
Perkins Square is replacing Perkins Homes, a 629-unit public housing community built in 1942. Demolition began in 2021 as part of Baltimore’s broader Perkins-Somerset-Oldtown Transformation Plan, a 244-acre redevelopment backed by HUD Choice Neighborhoods funding that is replacing the former public housing while adding mixed-income residences, infrastructure, parks and a new school.
Phase 5A will include 60 apartments with a total development cost of approximately $41.6 million. Phase 5B, with 90 apartments, carries a cost of approximately $45.7 million.
Of the 150 apartments, 67 will receive project-based voucher assistance as part of a commitment to replace all 629 public housing units that formerly made up Perkins Homes. Residents in those units generally pay 30 percent of their income toward rent and utilities.
Perkins Square also includes LIHTC units restricted at an average of 60 percent of AMI or below, as well as market-rate apartments. Construction on the two phases is expected to begin this fall, with completion slated for 2028.