Ernst Valery, as President of SAA|EVI, is an investor in and provided development management services for the historic, newly renovated Professional Arts Building (PAB), located at the corner of Read and Cathedral streets in Baltimore’s Mt. Vernon neighborhood. This historic landmark has been transformed into a central feature of Mt. Vernon’s world renowned charm and character. The PAB now provides 96 new rental apartments and a new ground floor retail space.
Total project investment is $25 million, including a Commission for Historic and Architectural Preservation (CHAP) tax credit from Baltimore City; $2,696,941 in historic tax credits from the State of Maryland; and federal historic tax credits, with 10% of the units reserved for “work-force” housing.