Update 3/12

Ovation Development

1407 Park Avenue

Progress To Date: March 12, 2007

Our property manager started March 1st with a full plate. The 4th floor tenant is now 2 months behind on her rent (hers is the small 1 BR that rents for $550). Of the two 2nd floor tenants, one is great and pays on time and the other (the antique collector) pays late. He is actively seeking a senior housing unit, but is not eligible until June 15th. The 3rd floor unit has cleaned up nicely and is being shown to a number of very interested groups. Unfortunately, all of the current prospects are interested in August 2007 to August 2008. We are also showing the 1st floor unit. The tenant (in the duplex unit) has given notice that he will leave April 15, 2007.

Saskia, our architect, and I met with the Planner for the Historical and Architectural Preservation Division in what turned out to be a pre-pre-planning meeting. We laid out our schematic plans for the renovation and asked and answered questions about what would and would not be permitted. In general, we were assured that our building is considered an important asset of the Bolton Hill neighborhood and that our plans for the building would have their full support provided we did a quality renovation. We were told that we would start by scheduling a hearing with the Bolton Hill preservation council. The local council would review our plans ask questions and would pass their recommendations on to the Baltimore Department of Planning.

In a formal pre-planning session, we would present our plans based on the measured drawings to Code and Permit officials. From there we will be directed to the agencies that will oversee the development process. Saskia and I also walked through the building with our prospective contractor and discussed our schedule for the renovation. From their recommendations, the most favorable scenario is to start the work when the building is clear of tenants. The most likely schedule for starting development under these circumstances would be fall 2008.

That’s it for now. More later.

Lou S.