El Segundo, California’s Vivo investment group (“Vivo”) has acquired the two-branded Holiday Inn and Radisson Hotel in Baltimore’s Downtown Inner Harbor at 105 W. Fayette St. It plans to convert the high-rise twin tower into an apartment community. The hotel towers occupy an entire city block that borders W. Fayette St., N. Liberty St., N. Hanover St., and W. Baltimore St.
Rooms at the Radisson Hotel have been closed since the start of the pandemic in 2020 and the Holiday Inn closed on March 8. The first hotel tower was built in 1967 and the second was added in 1974.
The complex will be renamed Vivo Baltimore and will include studio, one and two bedroom apartments. It will offer “amenities found in Class A apartments at more affordable rents than the area’s competitive set.”
The complex has a rooftop swimming pool, exercise facilities and underground parking which will be retained. Vivo will convert the hotel’s meeting and ballroom space into co-working space, private offices, tenant lounge and movie theater.
“Some Baltimore tenants spend 50% of their income on rent,” Dan Norville, founder and CEO of Vivo, said in a press release. “It’s expensive to live in Baltimore’s Inner Harbor where many can walk to work. We try to provide this solution by offering natural affordable rents in a newly renovated high rise complex. »
“The property is located in one of Baltimore’s most walkable neighborhoods with a walkable score of 99 out of 100,” Vivo Principal Joseph Soleiman said in a press release. “It sits across from the Royal Farms Arena, which is undergoing a $150 million renovation by its operators, the Oak View Group and Thirty Five Ventures, the investment firm of NBA player Kevin During.”
“By replacing struggling hotels with much-needed quality affordable housing, Vivo Baltimore will serve to energize the neighborhood with full-time residents who will live, work, shop and eat in the area. Historically, these residents would be excluded from the Inner Harbor CBD and travel long distances, increasing their transportation costs and environmental footprint,” Vivo Partner and CIO Brett Tanimoto said in a press release.
About the Author: Kevin Lynch
Founder and publisher of SouthBmore.com, longtime resident of South Baltimore and graduate of Towson University. Fan of Diehard Ravens and O, father of three, amateur pizza maker, skateboarder and foodie. Email me at [email protected] and follow me on Twitter at @SoBoKevin.