BDC resubmission · September 2026
Public benefit & 1820 offer
Construction payroll
$2.01M
≈36 job-years; ~31 at peak
Permanent jobs
17–27
Tenants + building staff
New residents
≈25
18 apartments
Property tax (stabilized)
$87,320/yr
vs ≈$15,165 today
- MBE 27% / WBE 10% goals; developer and GC are MBE-certified and Baltimore-based; 55% of the construction workforce expected to be City residents; Employ Baltimore certification signed.
- Storefronts prioritized for Baltimore-based minority- and women-owned businesses through LLAYD's BRNI-backed Small Business Hub.
- Restores a contributing mansion in the North Central National Register District to the Secretary of the Interior's Standards.
- Returns a vacant City-owned building to the tax rolls and adds street-level activity between the Charles Theatre and Penn Station.
1820 N. Charles — $3,000 purchase offer
| Residual land value test — 1820 | Amount |
|---|---|
| Stabilized value (target rents, 7.5% cap) | $1,742,757 |
| Stabilized value (market rents) | $1,600,820 |
| Cost to restore and lease (excl. land) | $2,869,477 |
| Implied as-is land value | −$1,126,719 |
| Offer | $3,000 |
- Restoring 1820 costs more than the finished building will be worth, so its as-is residual value is negative. The nominal price reflects that; the City's return comes from the restoration.
- 1820 was conveyed in 2015 and returned to the City in 2022 without a restoration. LLAYD's control of 1816 and 1818 lets the mansion be finished as one project.
- LLAYD accepts LDA performance conditions: a construction start deadline, reverter / right of re-entry, a CHAP-approved scope, and MBE/WBE and Employ Baltimore compliance.