Baltimore Business Journal: Bozzuto to Build 'Environmentally Friendly" Townhomes in Towson
February 11, 2011
Bozzuto Homes Inc. has broken ground on a 9-acre, 121-townhome development in Towson, with plans to sell the “environmentally-conscious” homes in the low to mid $300s.
M&T Bank is providing financing for Towson Green with a $5.3 million acquisition, development and construction loan and a $5 million construction loan.
Bozzuto is working with the nonprofit Chesapeake Fund, a partnership that includes the Chesapeake Bay Foundation, to reduce pollution and offer eco-friendly maintenance advice for homeowners.
To further prove its “greenness,” the community will feature a rain garden, which will have aquatic plants to help treat stormwater runoff.
The development just east of York Road on Towsontown Boulevard and E. Burke Ave. is within a few minutes walk to Towsontown Center Mall in a Baltimore County commercial revitalization district. That means residents will qualify for a revitalization property tax credit that can lower tax bills for five to 10 years.
Bozzuto has been among the most active developers in the recession. It opened the Fitzgerald, an apartment complex, in Baltimore’s Midtown neighborhood last year.