September 23rd, 2013 by WCBC Radio
The Hampstead Companies, a firm that already owns rental properties in Cumberland is hoping to purchase and renovate Old Towne Manor. The company has asked the county to accept a payment in lieu of taxes (PILOT) agreement with Hampstead Old Towne Partners. The company recently bought The Cumberland Arms Apartments, a 69-unit retirement facility on Liberty Street, for $4.1 million. Old Towne Manor has 138 apartments with a 95 percent-plus historical occupancy rate. The property has not been fully remodeled since construction in 1969, although windows and siding were replaced recently. The cost of the upgrades will be about $35,000 per unit. A company spokesman told the Allegany County Commissioners that the remodeling would likely generate 13 local jobs and 31 spin-off jobs Commissioner Michael McKay said his primary concern would be to get guarantees that any jobs created be staffed by local workers and not from people brought in from out of town.
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