Are you a developer or realtor with experience in the multi-family residential space?
Co-Housing of Greater Baltimore intends to create a senior cohousing community of 20-30 households on a footprint of approximately 1-4 acres. A likely layout would include attached dwellings arranged around a central courtyard and Common House with parking garages and surface parking outside the living spaces. Each residence would be single-level, although the development may have multiple levels with living spaces on the upper levels. We currently have 13 households committed to this project.
Site Location – We prefer to locate inside or just outside the Baltimore Beltway. Primary site criteria are:
Nearby services, including restaurants, shopping, and within one hour of BWI
Site Type – We are interested in looking at a variety of site types including
Undeveloped land with appropriate zoning
Repurposed industrial, retail, churches, apartment buildings, or schools
Individual households would be approximately 800 – 1700 sq foot attached private dwellings with some shared exterior walls. Residents will choose from approximately three possible plans to minimize cost. At least one parking spot per household, plus available guest parking, is required.
A Common House would provide extended amenities, such as overnight guest accommodations, commercial kitchen, and group dining, along with such options as laundry, exercise equipment, storage, and a workshop.
What’s in it for You? – While the cohousing business model is new to this area and hence unfamiliar to most local developers, it offers several advantages over more traditional forms of residential development. Our focus on building an intentional community makes us highly motivated to aggressively market ourselves to similarly motivated people. Besides saving on marketing expenses, this substantially draws down your risk. Most cohousing communities sell 70% or more of the properties prior to completion, and as the first such community in Baltimore, we would expect that number to be even higher. State and local subsidies might be available to developers of senior living, and we would be very receptive to setting aside some units as affordable housing, creating opportunities for additional government incentives.
We are in the process of building a substantial escrow account to put toward site acquisition costs.