Baltimore Business Journal: Bozzuto is Designing Massive Apartments for its Locust Point Complex to Attract Empty Nesters
May 05, 2014
Bozzuto Group is experimenting with an apartment model geared toward empty nesters.
Bozzuto’s planned 275-unit Locust Point complex will feature about eight apartments with large floor plans — between 1,600 and 1,800 square feet — in addition to harbor views and high-end fixtures and finishes. The $80 million project is scheduled to break ground at East Fort Avenue and Lawrence Street later this year and likely will be completed in 2017.
The largest apartments would include two bedrooms and a den, leaving enough space for visiting family members and appealing to people “who want space for their stuff,” Bozzuto President Toby Bozzuto said.
“I think empty nesters are used to living in larger homes than a condo or an apartment, and they often downsize into a condo,” Bozzuto said. “We are seeing an increasing trend — though not a major trend — that some empty nesters are interested in downtown living, and we’re beginning to see that some of those people would like to rent versus buy.”
The company noticed some of the older apartment hunters who explored living at Bozzuto’s latest Baltimore apartment project, the recently completed Union Wharf in Fells Point, balked at renting there because of the size of the units. Like in most of Baltimore, the project had a very low percentage of three-bedroom units, and those units were not as large as some renters wanted.
Going larger is “just to offer something different,” Bozzuto said, and the company is starting with a small number of units “to test the market.”
“The units will also feature a higher level of finishes than the other apartments in the building, making them the most high-end in the building,” Bozzuto said. “My company already finishes them at condo level or higher, so these are going to be very high-end countertops, appliances, high-end floors, high-end fixtures.”
The apartments are still in the planning stages, so pricing has not been determined.
“I want to create experiences for our customers,” Bozzuto said, “and this will create an unparalleled experience.”