Alter Urban | A Design Collaborative | Smart + Innovative + Modern

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	Smart, Not Just Timely
	In search of a sustainable development model, we first looked at market conditions. Led by the Baltimore HMA's largest employers, John Hopkins and the federal government, overall nonfarm employment had increased .08% per year, since 2004. During the same period, unemployment fell from 5.0% to 3.7% and area incomes jumped by 16%. While the area's economic growth rate was impressive, the development potential within Baltimore City was even more promising. Whereas the annual rate of change in home ownership for the entire HMA fell from 2.0% to 1.2%, the rate for the city was up 0.6%. A simultaneous drop	in rentals (down 1.4% between 2000 and 2006) meant existing multi-family units were prime targets for conversion to single family units. Alter Urban’s first two developments, 1817 and The Atrium, took advantage of this trend. By 2007, however, the balance between rental and ownership opportunities in Baltimore had swung the other direction. Permits statistics for multi-family units had not kept pace with single family construction, creating a void in the market. Anticipating the shift, our third development was a rental. Completed in January 2008, 261 rented within 2 months.
Rental vs. Owner Units Baltimore City