Update from The Carr Companies on Development Activity in Old Town North

Guest Post from Austin Flajser, President & CEO of The Carr Companies

901 N. Pitt St. Project Now Underway

You may have noticed the erection of construction fencing around 901 N. Pitt St. and wondered what is in store for the neighborhood.

901 N. Pitt St., designed and entitled by Carr Companies and being developed by Carr Properties, is beginning some site work ahead of the start of construction later this year. Although minor tweaks were made to the project to help get it “off the ground,” it remains largely unchanged from its original conception.

As many may already be aware, 2023 saw a precipitous drop in new construction starts the likes of which has not been seen since the Great Financial Crisis of 2008. New construction apartment projects are typically underwritten with +/-70% construction loans. The natural result of a significant rise in cost for such a large percentage of project financing is the type of delays the industry is now seeing carry over into a second year.

While the development business may seem fast moving to some, it is in fact incredibly slow due in part to lengthy zoning timelines. Most projects are underwritten several years before a construction loan can be closed and a shovel put in the dirt, often long before the first rumblings of impending headwinds.

Fortunately, underlying fundamentals have held up better in Old Town North than elsewhere. In fact, from a residential standpoint, Old Town North has been among the strongest submarkets in the region.

Delivering on the Promise of the Old Town North Arts & Cultural District

901 N. Pitt St. will serve an important role in delivering the vision of Old Town North contemplated in the Small Area Plan. The implementation of the Small Area Plan and the Arts & Cultural District envisioned as part of that plan lie at the heart of the Old Town North Alliance’s mission.

This project will make good on the promise of the Old Town North Arts & Cultural District with a new and unique ground floor Arts Anchor Space at its core. 901 N. Pitt St. will be the future home of CityDance, a nonprofit dance institution.

We at Carr Companies are pleased to have our first Arts Anchor Space at The Muse (1201 N. Royal St.) now moving forward into active interior buildout with The Art League and look forward to a new round of fundraising getting MetroStage on a path to start towards the end of this year at The Venue (925 N. Fairfax St.). Carr Companies will also have an Arts Anchor in our upcoming Montgomery Center project.

THE MUSE - location of new studios for The Art League (Courtesy of Carr Companies)

Details on 901 N. Pitt St. and Montgomery Center Projects

901 N. Pitt St. is a residential development that will result in a 250,000 square foot property with 234 apartment units (including affordable housing units); below-grade parking; 15,800 square feet of outdoor space; a performing arts venue to be leased by CityDance; and nearly 7,000 square feet of ground floor retail. 901 N. Pitt will bring long overdue retail to a block that will now connect Montgomery Street as the neighborhood’s primary retail corridor. Construction is expected to start in fall 2024 and completion is expected in late 2026.

Rendering of 901 N. Pitt St. Development (Courtesy of Carr Properties)

Montgomery Center, the last of the three projects to receive its zoning entitlement, will serve as the final connecting piece for a fully revitalized Montgomery Street retail corridor. The largest of the three remaining projects, Montgomery Center will be a mixed-use residential and retail project with 327 apartment units (inclusive of affordable housing units); 25,000 square feet of retail adjoining two separate public plazas; below-grade parking; and a 13,000 square foot arts space. Residents will enjoy a rooftop pool and adjoining clubroom with some of the best water views of any amenity space in the region.

Rendering of bird's eye view of Montgomery Center Development (Courtesy of The Carr Companies)

The future is bright in Old Town North and we are proud to be a part of it.

Austin Flajser
The Carr Companies
Old Town North Alliance Board Member