Rivers Edge Apartment Complex Makes Progress, Old Building To Be - 47 ABC - Delmarva's Choice

Rivers Edge Apartment Complex Makes Progress, Old Building To Be Demolished

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SALISBURY, Md. - The cold didn't stop plans to bring down an eye sore in Salisbury Tuesday.

Say goodbye to the old River's Edge complex on Fitzwater Street. After nearly seven years, new developers are tearing it down. About a year ago, Osprey Property Company purchased the land – about 4.5 acres. The previous developer had some financial problems and had to foreclose.

In just about 12 months, The Rivers Edge Apartments and Studio for the Arts will open, featuring three brand new buildings with 90 apartments, studio space and a theatre room geared towards local artists.

"The goal is to serve folks who are making up to $45,000 a year. You can't make more than 60% of the area median income. It's very energy efficient. The average electric bill for an apartment will be in the neighborhood of $50-60 a month. And thanks to the tax credits that we received from the state and the federal government, we were able to offer these as affordable apartments. It's workforce housing, but it's for the artists," developer and vice president of Osprey Property Company Andrew Hanson said.

So if you're a painter, photographer, or a thespian, and you meet the affordable housing income requirements, you would be given preference.

"The city of Salisbury is actually going to work with the art entertainment district to extend it, so that artists who live here will get the benefit of some other incentives – including not having to collect sales tax on the work that they produce here. Slowly but surely, the $17 million investment that we put into this project will trickle up and down the street and through the rest of the city," Hanson said.

The company also plans to extend the river walk onto the property – making it a part of downtown Salisbury.

But longtime Salisbury resident Warren Baker is worried that the town homes across the street will turn people away.

"If they're going to put more concentration on that, what are they going to do about this? This is going to be kind of like an eye sore. I don't know if it's going to attract a lot of artists, unless they're going to be painting this," he said.

Hanson admits it will be a challenge, but is confident the new property will encourage other investments.

"Folks will be more interested in redeveloping the townhouses across the street and fixing up businesses. And this is probably going to bring 150 new people to downtown," he said.

The apartments will start at $350 for a one bedroom apartment and will go up to $950 for a three bedroom. Applications are not being accepted at this time, but the developer has started an inquiry list. You can call 443-716-2576 for more information. If the construction process is on schedule, applications will be accepted starting October. Construction is expected to be complete by December 2014 with residents moving in by January of 2015.

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