Friends and family of local developer Pat Turner and Pulte Homes Inc. recently had a chance to snatch up one of the 121 townhomes planned for Locust Point.

The exclusive event got the guests a sneak peek at the designs for the upcoming site off Fort Avenue, and a chance to reserve one of the units.

But it didn't get this select group what some of them were banking on: a discount.

The townhomes will start around $500,000 -- no matter who you are.

"It is a priority in terms of timing," said Mike McCann, a land acquisition manager for Pulte Homes of Bloomfield Hills, Mich. "But it's not a priority in terms of pricing."

If other city projects are any indication, the 2,000-square-foot-plus units are expected to go quickly.

The Baltimore Business Journal reported last month that Bozzuto Homes Inc. had sold all but one of the 32 condominiums at its residential project called Spinnaker Bay at Harbor East, just off President Street.

Baltimore City real estate agent Cindy Conklin said many empty-nesters, in particular, are abandoning the suburbs in favor of downtown because of what she calls "the fun factor."

The Pulte Homes' project called McHenry Pointe represents the company's foray into Baltimore City. McCann said the interest has been so high in the Locust Point project that the company has a "few other properties in the works" for the downtown area. He declined to name the exact sites.

Pulte Homes (NYSE: PHM) expects to break ground on the Locust Point site March 19. Construction on the first group of homes is slated for completion around the end of the year.

Meantime, Turner is proceeding on his portion of development for the same site. Turner, who is turning over some of the land to Pulte, also plans to build between 210 and 250 residential units -- a mix of condominiums and apartments.

Most will be condominiums, Turner said, although pricing has not been determined.

"The tower is the next point of focus," Turner said. "We're just finalizing a design scheme -- that we can live with and like," he said.
News & notes

* Monarch Rubber Co. has sold its headquarters building at 3500 Pulaski Highway to Devon Self Storage for nearly $1.48 million. Devon Self Storage plans to convert the 129,000-square-foot facility into a self-storage operation. Jim Caronna of KLNB Inc., a Towson-based commercial real estate firm, represented the buyer, and Rick Latini of Colliers Pinkard represented the seller.
* The Shelter Group of Baltimore has raised a third Senior Living Fund that will support $150 million worth of investment in the acquisition or development of senior-living communities. The fund's first investment is New Pond Village, a 199-unit retirement community in Walpole, Mass., a Boston suburb.

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