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Laurel, MD...Somera Capital Management, the developers and owners of Laurel Commons, have finalized a partnership with The Bozzuto Group for the residential phase of the center’s redevelopment plan.
The residential community of Laurel Commons will hold approximately 440 residential units, three-percent of which will be workforce/moderate income rental units to be made available to city employees who qualify. In addition, these residential units will not be higher than four stories above a single floor of commercial use (a total of five stories). Residents will enjoy exclusive amenities including a pool and health club, a business center/cyber café, and a billiards room.
The Bozzuto Group, headquartered in Greenbelt, MD, is a privately held real estate services organization consisting of six companies including Acquisitions, Construction, Development, Homebuilding, Land Development and Property Management. Since its inception in 1988, the company has developed, acquired and built more than 30,000 homes and apartments.
“The partnership between Somera and The Bozzuto Group reaffirms our commitment to creating an exciting town center where people can live, work and play,” said Tom Falatko, Senior Vice President, Retail Investments, Somera Capital. “Based on their proven success and leadership in the Baltimore-Washington corridor for more than 20 years, The Bozzuto Group was a palpable choice as a partner to move forward with for the residential phase of our plan. The synergy and interest levels between both organizations will result in a successful lifestyle community for the city. We are extremely excited to work together with Bozzuto to develop a new retail/residential lifestyle community that will reinvigorate the City of Laurel.”
“We are delighted to be working with Somera, AEW, General Growth Properties, and the City of Laurel under the leadership of Mayor Moe on this project. The residential component of the planned revitalization of the Laurel Mall will provide the type of pedestrian lifestyle demanded by many of today’s renters,” said Toby Bozzuto, Executive Vice President of The Bozzuto Group. “We are looking forward to making our shared vision a reality for the residents and future residents.”
Laurel Commons was identified by the City of Laurel as the centerpiece for the redevelopment and revitalization of the Route 1 corridor in the City and will serve as a catalyst for further redevelopment in the area.
The Bozzuto Group plans to break ground for the project in early 2009, with an estimated completion date of late 2010.
About Laurel Commons (www.shoplaurelcommons.com):
Laurel Commons is owned by AEW Capital Management and Somera Capital Management and managed and leased by General Growth Properties, Inc.
About AEW Capital Management (www.aew.com):
AEW is a leading provider of real estate investment management services, which, along with its affiliates, manages more than $41 billion of real estate assets and securities on behalf of many of the world’s top investors.
About Somera Capital Management (www.someracapital.com):
Somera Capital Management, LLC, founded in 1994, manages a diversified portfolio of private equity real estate investments throughout the United States. With offices in Santa Barbara, Washington D.C., and Denver, the company identifies and consummates unique value-added investment opportunities with local or specialty operating partners. Since Somera Capital Management's formation, the firm has acquired and managed 65 assets with a combined total market value of approximately $2.09 billion.
About General Growth Properties (www.ggp.com):
Laurel Commons is managed by General Growth Properties, Inc., the second largest U.S.-based publicly traded real estate investment trust (REIT) based upon market capitalization. General Growth has ownership interest or management responsibility for a portfolio of more than 200 regional shopping malls in 45 states, as well as ownership interest in master-planned community developments and commercial office centers. General Growth’s international portfolio includes ownership and management interest in shopping centers in Brazil and Turkey. The Company’s portfolio totals approximately 200 million square feet and includes more than 24,000 retail stores nationwide. General Growth Properties, Inc. is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit http://www.ggp.com.
About The Bozzuto Group (www.bozzuto.com):
Headquartered in Greenbelt, MD, the Bozzuto Group consists of six integrated companies - Acquisitions, Construction, Development, Homebuilding, Land Development and Property Management - that together provide a broad range of real estate services. The company is committed to providing quality housing for all, from luxury homes and apartments to affordable housing solutions. Since 1988, the company has developed, acquired and built more than 30,000 homes and apartments. Throughout the Bozzuto Group's 20-year history, the firm and its principals have been honored with numerous industry awards and honors. For more information, please visit www.bozzuto.com.
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