- BOZZUTO CELEBRATES 25TH ANNIVERSARY
- A LOOK TO THE FUTURE
- TOM TALK: A "NEW YEAR" WISH
- EMPLOYEE SPOTLIGHT : PATRICK BUTLER
- BOZZUTO WELCOMES RECORD NUMBER OF NEW HIRES
- 2012 HOLIDAY GIVING PROGRAM RESULTS
- THE BOZZUTO RACK
- BOZZUTO MANAGEMENT HOSTS ANNUAL AWARDS CEREMONY
- BOZZUTO MANAGEMENT
- BOZZUTO DEVELOPMENT
- BOZZUTO CONSTRUCTION
Bozzuto Celebrates 25th Anniversary
A quarter century brings a lot of changes (and not just in hairstyles). The Internet, smartphones, and GPS, for example, have transformed the ways in which we work.
What hasn’t changed in 25 years is who we are as a company. A company guided by our concern for people—the people who live in our homes and communities, the people we do business with, the people we work alongside every day.
That concern has been our underlying strength for these 25 years. And it will guide us just as surely through whatever changes the next 25 bring.
“We live up to our word. That’s who we are.”
Check out the Bozzuto 25th anniversary website at Bozzuto25.com
A look to the Future
The morning of February 20th, 2013, Tom Bozzuto gathered the employees of the Bozzuto corporate office for breakfast and for a series of important announcements.
Tom greeted the group by stating that as we begin to commemorate the 25th anniversary of the company, he remembers with great respect the role each of the founders – John Slidell, Rick Mostyn and the late Bernie Lubcher – played in the success of the company.
“Collectively, we have built a company with unquestionable values and integrity. Most importantly, our company is well positioned for the future,” said Tom.
He then continued on by sharing several pieces of exciting news that further demonstrate dedication to the company and its future.
The first announcement was made with mixed emotions. Effective April 5, 2013, Co-founder of the company, Vice Chairman of The Bozzuto Group and President of Bozzuto Land Company John Slidell will be stepping down from the day-to-day operations of the company to pursue other interests. John will continue to be involved with the organization as an owner and investor and will represent the company in select endeavors.
Secondly, Toby Bozzuto will be assuming the role as President of The Bozzuto Group, a newly created position. Toby has been with the company since 2001 and will continue to play an important role in the generation of new business for Bozzuto Development Company in addition to assuming overall responsibility for the day-to-day direction of The Bozzuto Group.
And finally, Steve Strazzella will be moving into the position of President of Bozzuto Development Company. Previously, Steve was Executive Vice President of Bozzuto Development Company where he was responsible for a number of the company’s largest and most complicated apartment projects. In his new role, Steve will preside over the team at Bozzuto that has responsibility for creating, planning, and execution of all new apartment developments.
Tom then stated that he will continue as Chairman and CEO of the company, focusing on strategy, investments and commitment to values, while Rick Mostyn will continue in his role as Chief Operating Officer as he has for the past five years.
“My partners and I have built a company with strong values and great integrity and these changes reflect both continuity and our preparedness for the future,” said Tom. “I am thrilled for my Partner John Slidell as he prepares to experience his next adventure, but I will miss his daily insight, guidance and wisdom. He is a loyal friend with a wealth of knowledge in all aspects of real estate development and he will continue to be an asset to this company.”
“Toby has shown great leadership in his former position as President of Bozzuto Development Company. Working closely with Steve Strazzella and their colleagues at Bozzuto Construction and Management Companies, in the past year and a half, the professionals at Bozzuto Development Company have started almost three-quarters of a billion dollars’ worth of new apartment communities,” said Tom. “We have never experienced such tremendous growth in such a short time frame. The locations of these properties, combined with their innovative design features, reinforce the company’s position as a national leader in the apartment industry.”
TOM TALK: A "NEW YEAR" WISH
As many of you know, we prepare an annual business plan that guides the company through the fiscal year. This year is an especially exciting time in that fiscal year 2014, which began April 1st, marks The Bozzuto Group’s 25th year in business. In that we have recently completed the corporate business plan for fiscal year 2014, I thought here I might put down my “New Year” wishes for the company and the people in it as we enter the new fiscal year.
First, let me remind you that I had one wish for the company last year, and if you don’t know what it was, that means you didn’t come within twenty-five feet of me at any time during the year. Otherwise, you would have heard it. My wish for last year was, quite simply, that “we execute” all the business we had lined up in prior years. And let me tell you, my wish came true! We executed like crazy and we did so in every division of this company. We financed deals, we closed on land, we leased apartments, we tied up new management contracts, we sold homes, we started new projects, we finished construction on projects, and we settled homes: we executed. And I’m very proud of that.
Well, this year, my wish is a bit more complicated. And perhaps, I even have a few wishes.
For Bozzuto Homes, I wish this year that we become the dominant seller of homes in the sub-markets where we have projects. And I hope that sales will be good enough to justify starting several more projects to add to the portfolio we have under construction right now.
To do this, the people at BHI will have to market aggressively—making sure anyone interested in buying a home knows we’ve got a great product for them; on site, we will have to treat the customer so well that it will be impossible for them to say “no,” and then, once they have purchased, we will have to deliver a home to them that will make 100% of them recommend us to their friends and relatives. We can do all these things; I know we can.
For Bozzuto Management Company, I hope that this year we will be able to maintain occupancy and grow Net Income across our portfolio by at least the same percentage that we did last year. And I hope we grow the portfolio of properties under management by at least ten percent.
To meet both these objectives, the people of BMC will have to continue treating the customer and our clients and partners in keeping with our corporate values, or, to be more specific, with the same respect with which each of us wants to be treated. We will continue to have to hustle for business, both with new properties and new prospects, and we will have to continue to outshine the competition. We can certainly do this. We have done it for almost twenty-five years.
For Bozzuto Construction Company, I wish: continued focus on quality and timely construction; dependable budgets given and met; contingencies preserved, and no sub-contractors going belly-up. At the risk of being greedy, I also wish three or four new deals to start in 2014.
For us to achieve these wishes, we merely have to do what we have done in the past. That is, what has distinguished BCC from so many of its competitors is that we do what we say we will do and we do it when we say we will do it. We also focus on quality with an attention to finishes not typical of a contractor. As I said, all we need to do is to continue doing what we have done and know how to do.
For Bozzuto Development Company, I wish the start of five new projects (specifically, National Harbor, Newtown Square II, Crebilly, The Village at Valley Forge, and Potomac Yards) and I wish that we tie up three or four new deals to start in 2014.
With BDC, like the construction company, what has fueled our growth is our consistent and predictable ability to perform – delivering extraordinarily well-designed, financially successful properties. We need to continue to execute this book of business in the style and fashion that characterized everything we did in 2012.
For the people in all our support groups, I wish the gratification you have earned and deserve for making it possible for the rest of us to tie up and finance new projects, start and finish construction, lease apartments and sell homes. Without what you do-- paying our bills, hiring our co-workers, ensuring that we can communicate with each other and our customers, getting us our paychecks on time, and all the rest—none of us could do what we do.
EMPLOYEE SPOTLIGHT : Patrick Butler
Regional Portfolio Manager, Bozzuto Management Company
1. What year did you start working at Bozzuto? November 11, 2002
2. What is the most important milestone/achievement you’ve seen accomplished while at Bozzuto? I helped finish the lease up at Arbors at Arundel Preserve. It was great to see the combination of a great community and a great team be really successful during a record setting lease up.
3. What has been your biggest accomplishment while working at Bozzuto? I think it was actually a fire that happened at one of my first properties in White Marsh, MD. We lost an entire building due to some kids playing with fireworks. Most people lost everything they owned, but no one was hurt. I saw first-hand how Bozzuto really does care about their residents and it’s not just a company motto. Being able to do everything we could to get those resident back on their feet was very gratifying. The Red Cross actually showed up to help, but they said that the management company had taken such good care of their residents that there was nothing else for them to do.
4. What is the most memorable moment you’ve experienced while at Bozzuto? The BMC property manager retreats have always been memorable. You don’t get to see a lot of your peers throughout the year and this gives us time to catch up with each other.
5. What has stayed consistent at Bozzuto since the time you started? The culture. I think it is hard to keep the kind of culture we have when you grow as fast as we are growing, but somehow it has stayed consistent. I think the biggest reason it has stayed consistent is because Tom always emphasizes the core values at his speeches. He knows that they are what has made this company successful and if we get away from it, there will be nothing that separates us from our competition.
6. How has Bozzuto changed over time? I think Bozzuto does a great job of changing with the times and adjusting to the needs of our renter. Being proactive with Facebook, Apartment Ratings and other social media shows that we can adjust with the times and make forward thinking decisions.
7. If you had to describe Bozzuto in 3 words, what would they be? Caring, Honest and Responsible
8. If you had to describe Bozzuto in 1 word, what would it be? Please explain. It’s a new word that was just entered into Webster’s dictionary and it is kind of long-Alwaysdoingwhatwesaywewilldo. It means always following through on promises and fulfilling your responsibility. I think people prefer Bozzuto because when we say we are going to do something, it gets done.
9. How would you describe the Bozzuto employees that you work with? Friends. It makes it a lot easier to come to work when you really like the people you work with. Anyone who I have ever worked under has always had my best interests in mind and has worked to help me meet my goals. I think we have a great team culture in which we give everyone all of the tools to be successful.
10. What is the secret to success at Bozzuto? Determination. If you come to work every day determined to get the most out of each day, there is no telling how far you can go.
11. How did Bozzuto welcome you when you first started working? It was great. Back when I started, Tom introduced himself at new hire orientation. I knew I was with a good company after that. The fact that Tom took time out of his busy schedule to welcome us to the company really meant a lot.
12. What is something special about Bozzuto that everyone should know about? I think people may already know this, but people should know that we really want to promote from within and not look outside of the company. It is great that we have faith in our people and know they can do the job that they are promoted to. Everyone is trained in preparation for the next step in their career.
13. If you had to pick any item to represent Bozzuto, what would it be and why? I think a front door might be a good item to represent Bozzuto. It signifies home and new possibilities.
14. Green is the official Bozzuto color because…I think green represents something fresh and new. People know when they visit a Bozzuto community, it’s not going to be the same old standard apartment complex.
15. The triangle logo of Bozzuto signifies…I don’t know if there is a right answer, but to me it represents stability. It represents something that people can always depend and rely on.
16. How should Bozzuto celebrate its 25th anniversary? I think we should highlight everything that has gotten us to this point, learn about some of the early challenges and how we overcame them. I don’t think you can understand where you’re going unless you know where you have been.
BOZZUTO welcomes Record number of new hires
After 25 years in business, we’re growing in every way – especially in number. In fact, we’re expecting to hire more than 600 new employees by the end of year. When it comes to celebrating 25 years, we say the more the merrier! To view our current career opportunities at Bozzuto, visit our Careers page at http://bozzuto.com/careers.
2012 HOLIDAY GIVING PROGRAM RESULTS
Happy New Year! The 2012 Bozzuto Holiday Giving Program has concluded and once again, employees were overwhelmingly generous.
Bozzuto employees contributions totaled $4,114 for KEEN (Kids Enjoy Exercise Now) and $2,465 for the Wounded Warrior Project. With the Bozzuto match, donations totaled $8,230 to KEEN and $4,930 to Wounded Warrior!
In addition, the Hurricane Sandy Red Cross relief drive collected $8,785 for victims, all of which will be matched by Bozzuto, for a total donation of $17,570. Such wonderful generosity across the board!
The BOZZUTO RACk
We are very excited to announce the opening of The Bozzuto Rack! The Bozzuto Rack is our own in-house consignment boutique designed to offer gently used professional wear to Bozzuto employees at deeply discounted rates. This program is designed to provide our employees with the opportunity to internally purchase items to expand and supplement their existing professional wardrobes.
That apparel will then be sold at deeply discounted prices to any Bozzuto associate who wants to expand their professional wardrobe at a fraction of what it would cost otherwise. All proceeds from The Bozzuto Rack will be donated to Suited for Change, a non-profit based in Washington, DC that has been helping woman get suited for the professional world for the past 20 years.
We know it can be challenging and expensive to maintain a professional wardrobe and we also understand the value of a great bargain. With all of the well-dressed professionals within our Bozzuto community we are helping our own and in turn helping women who are getting a fresh start through Suited For Change!
If you have any questions regarding The Rack, or would like to volunteer, please email Choni Wilcox at firstname.lastname@example.org.
WHAT CAN I DONATE?
We're collecting gently-used professional clothing. All donated items should be dry-cleaned, pressed and on a hanger!
• Men’s and Women’s Suits
• Shoes, Accessories, Purses, and Ties
WHERE IS THE RACK LOCATED?
The Rack is conveniently located in the 1st floor Training Room at the Corporate Office in Greenbelt
WHEN CAN I SHOP OR DONATE ITEMS?
The rack will be open on the 2nd and 4th Monday of each month from the hours of 11:00 am-3:00 pm and will be closed on corporate holidays. Volunteers from the corporate office will provide coverage to assist with receiving donations and helping with purchases.
HOW DO I PAY FOR MY PURCHASES?
All proceeds from the Bozzuto rack will be donated to the Washington DC based non-profit, Suited for Change. You will be able to pay for your items by credit card or by simply writing a check to Suited For Change. You will be provided a receipt for your purchases and for your donations. Any clothing not purchased at the end of each season will be donated directly to Suited for Change.
Now in its 25th year, the Bozzuto Management Awards (BMAs) are held each year to recognize the best and brightest employees at Bozzuto Management. This year, the event was held at the National Building Museum and drew a record crowd of more than 1,000 employees and sponsors! Thanks to everyone who made it out.
Thanks to consistently stellar resident and client service, Bozzuto Management Company continues to experience growth throughout our geographic footprint. Please join us in welcoming these new communities to the Bozzuto family.
§ Palette at Arts District: A 243-unit mid-rise community located in Hyattsville, MD
§ Madox: A 131-unit mid-rise community in the Paulus Hook neighborhood of Jersey City, NJ
§ 100 Capitol Yards: A 246-unit mid-rise community located in the Capitol Riverfront area of Washington, D.C.
§ 70 Capitol Yards: A 448-unit mid-rise community located in the Capitol Riverfront area of Washington, D.C.
§ 909 Capitol Yards: A 237-unit mid-rise community located in the Capitol Riverfront area of Washington, D.C.
§ Allegro: A 297-unit mid-rise community located in the Columbia Heights neighborhood of Washington, D.C.
New Bozzuto-Owned Communities
· Beacon at Waugh Chapel: A 289-unit garden-style community located in Gambrills, MD
· Union Wharf: A 281-unit mid-rise community located on the water in the Fells Point neighborhood of Baltimore, MD
· Monroe Street Market: A 562-unit community comprised of three mid-rise buildings adjacent to the Catholic University of America at the Brookland-CUA Metro station in Washington, D.C.
· Flats170 at Academy Yard: A 369-unit garden-style community located in Odenton, MD
· Crosswinds at Annapolis Towne Centre: A 215-unit mid-rise community located near Mariner Bay in Annapolis, MD
Bozzuto Adds Two New Communities to its Big Apple Portfolio
Bozzuto was recently hired to manage Strata at Mercedes House, the luxury penthouse apartments on the 22nd to 32nd floors of the existing Mercedes House building in the Hell’s Kitchen/Clinton neighborhood of Manhattan. The zigzag footprint and cascading green roof terraces allow for unobstructed views of Clinton Park and the Hudson River. In addition, Bozzuto will soon manage The Dylan, a 165-unit high-rise community located on Fifth Avenue in Midtown Manhattan.
§ The District: A 125-unit mid-rise community located in the Logan Circle neighborhood of Washington, D.C.
CATHEDRAL COMMONS - WASHINGTON, DC
The project has finally begun! The above ground structures have been demolished and there has been some progress in site demolition/clearing and support of excavation. The mass excavation will be beginning shortly and we are scheduled to be at subgrade by May -- Rick Wiesman 1/4/13
THE CADENCE AT CROWN FARM - GAITHERSBURG, MD
Building A: Foundations and podium columns are complete. Podium deck is underway. Framing is scheduled to begin at the end of January. Building B: Foundations are complete and podium columns are underway. Framing on Building B is expected to begin in early March. Precast Garage A and B fabrication are complete, both will be erected starting in early February. - Tony Pearce 1/9/13
CROSSWINDS AT ANNAPOLIS - ANNAPOLIS, MD
Membrane Roofing and Exterior Sheeting finished. Work continues on Windows, Doors, Drywall, Courtyard finishes, and brick. Vertical Transportation: Cars 2 and 3 50% complete and Car 1 scheduled to start Mid-March. -- Jeff Jeffers 1/9/13
FLATS 170 AT ACADEMY YARD - ODENTON, MD
Sediment traps filled and base paving is complete, and framing on the last building has started. MEP rough ins are well underway in 3 of 7 buildings. Inspections will take place over the next couple of weeks. The offsite work has resumed and Reliable is pushing to complete the utility installation and paving along Rt. 170. -- Dan Blatzheim 1/9/13
MONROE STREET MARKET - WASHINGTON, DC
Building C: Finishes have begun in east tower, drywall /trim are being installed in the west tower. Exterior brick is 50% complete. Building B: Cast-in-place concrete completed, 5-story wood framing begun above the podium. MEP rough-ins/installations are on-going. Building A: Cast-in-place concrete to be completed in January, followed by rough framing. Building D: Cast-in-place concrete is complete, and structural steel erection to begin in January. – Charles Battle 1/9/13
THE ESPLANADE AT NATIONAL HARBOR - OXON HILL, MD
The design team is currently responding to the first round of permit review comments from Prince George's County and making final revisions to the facade to further reduce the budget. Permit set due the first week of January and will be sent out for bid. Presentation and review with Executive Committee tentatively scheduled for March of 2013. Potential start of construction: March-April 2013. -- Nancy Williams 1/9/13
UNION WHARF - BALTIMORE, MD
Roofing and Gypecrete Complete, Windows and Doors Installed, Tower Crane removed 1/5; MEP rough in inspections underway and Drywall starting soon in Clubhouse and units; 1st Unit deliveries and Clubhouse turnover early April 2013. -- Mike Spafford 1/9/13
THE BEACON AT WAUGH CHAPEL - GAMBRILLS, MD
Building A: Clubhouse entry feature pier/sidewalk and interior trim and paint work begun; Building B: Sidewalk work begun, corridor trim and paint work begun, MEP trims, carpet work, and elevator work ongoing; Building C: Corridor drywall complete. Trim, paint, cabinet and tile work continue. Elevators to be on site 1/9/13.
Jair Lynch Awards BCC with V Street Project
Bozzuto Construction Company was recently awarded V Street Residential, an exciting new project being developed by Jair Lynch Development at the corner of 15th and V Streets, NW in Washington, DC.
The projects consists of nine‐story, 95‐unit apartment community that will include a community room, fitness center, outdoor patio, rooftop deck with dog walking space, and a parking garage with bicycle storage. Completion scheduled for Q1 2014.
BCC Breaks Ground on O’Donnell Heights Community Revitalization
Bozzuto Construction Company today announced that the company has begun work on the first phase of a massive $20 million revitalization of O’Donnell Heights, a distressed public housing community located on Baltimore’s southeast side. Bozzuto is building the community for the joint venture team of The Michaels Development Company and its non-profit local partner The Greater Baltimore AHC Inc.
The new community, comprised of 76 affordable apartment homes, will serve families with low and moderate incomes, including public housing residents and those with disabilities. All residences will have accessibility features. All that contain more than one bedroom will be townhomes; one bedroom apartments will be configured in stacked flats.
The construction of O’Donnell Heights Townhomes, which will include new roads and public infrastructure, is expected to generate between 100 and 120 jobs for the local community. The apartment homes are designed to meet Energy Star and sustainability standards that will ensure long-term operating savings.
“The unwavering support of the city and the state, as well as residents, community groups, and local businesses, is really what made the difference in moving this development forward,” said Ava Goldman, president of The Michaels Development Company. “We are excited to now begin transforming their vision of a vibrant, diverse and sustainable community into a reality,” said Goldman.
For years, the city, state, and the Housing Authority have been seeking to replace the outdated public housing complex, which was originally built in 1942 and last modernized in 1983. The plan to transform the important O’Donnell Heights neighborhood—which encompasses more than 60 acres just outside of Dundalk—into a community that will serve families with a variety of incomes was crafted by the HABC working in concert with local stakeholders, including current and former residents of O’Donnell Heights.
In 2010, HABC selected the Michaels/AHC team as their private sector master development partner after a competitive process. The phased development plan, which was crafted with substantial input from the O’Donnell Heights Tenant Council, was designed to minimize the interim relocation of the 300 households who currently reside there.
Other members of the development team include Marks, Thomas Architects, Zavos Architecture + Design, and Morris and Ritchie Associates Civil Engineers.
ARBOR HEIGHTS - ARLINGTON, VA
The Arbor Heights project consists of the renovation of 198 apartment units (including 4 ADA units) with new finishes throughout including updated kitchens and bathrooms, the installation of asphalt shingle roofing, as well as new mechanical, electrical, and plumbing systems, 13 new laundry rooms, and the renovation of the leasing and maintenance offices. Construction is scheduled for completion in Winter 2014.
EASTSIDE FLATS – MALVERN, PA
The Eastside Flats project, located within a mixed-use community in downtown Malvern, PA will be comprised of 190 apartment units above two levels of parking. three-story clubhouse with patio and pool, fitness center and yoga studio. First deliveries are scheduled for Summer 2013.
KINGSVIEW VILLAGE APARTMENTS – GERMANTOWN, MD
The Kingsview project consists of 196 apartment units in three residential buildings, four stand-alone parking garages, a two level clubhouse, a pool, and a tot lot. All building footings are 90% complete, clubhouse foundation walls are complete, and underground utilities are underway. Construction is scheduled for completion in April 2014.
THE LINDA JOY AND KENNETH POLLIN COMMUNITY – WASHINGTON DC
MetroTowns at Parkside, also known as The Linda Joy and Kenneth Pollin Community, will include 125 affordable townhomes for rent and sale, with several park areas for residents. Construction is expected to be complete in May 2013.
NANNIE HELEN - WASHINGTON, DC
The Nannie Helen project consists of 70 units of mixed-use affordable housing in a five-story, slab-on-grade with elevated concrete deck and four floors of wood-framing above. The first floor of the project includes retail space, office space, community and fitness center as well as two apartment units. Construction is scheduled for completion in Spring 2013.
PETWORTH SAFEWAY - WASHINGTON, DC
The Petworth Safeway & Residences mixed-use development will include an urban concept Safeway retail store, two levels of below-grade parking and five levels of apartments. Located in the Petworth neighborhood of Washington, DC, the 218-unit community is expected to achieve LEED Silver certification. Construction is scheduled for completion in Spring 2014.
TYLER HOUSE APARTMENTS – WASHINGTON DC
Bozzuto Construction is scheduled to start in April 2014 the renovation of Tyler House Apartments, a 284-unit affordable housing community located at North Capitol Street and New York Avenue NW in Washington, D.C. The project will include a new building-wide HVAC system, new plumbing, improved elevators, enhanced community center spaces, a new computer learning center, and new kitchens for residents. Construction is expected to be completed by late 2014.
WELLINGTON GLEN - MANASSAS, VA
The Wellington Glen project consists of 152 units in two wood-frame apartment buildings as well as 300 new surface parking spaces. Construction is scheduled for completion in May 2013.