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JULIE SMITH NAMED MULTIFAMILY EXECUTIVE MAGAZINE’S EXECUTIVE OF THE YEAR

 

Bozzuto 25 years

Bozzuto 25 years

VPOINT NAMED MFE’S MIXED-INCOME PROJECT OF THE YEAR

Julie Smith‚ president of Bozzuto Management Company‚ has been named Multifamily Executive Magazine’s 2013 Executive of the Year. The award‚ one of the most prestigious honors of the multifamily industry‚ is given annually to the development or management professional dedicated to providing exceptional multifamily housing‚ exemplary customer service‚ and strong financial performance.

The judges select their winner based on the individual’s “achievements in leadership style, unique approach to handling day–to-day challenges‚ opportunities resulting in a quantifiable impact on the company’s performance and reputation; and their impact on the multifamily industry and ongoing commitment to the multifamily industry.”

“Without a moment of hesitation‚ I emphatically agree with MFE’s decision!Julie has been more than an integral part of our organization for 24 years; to many of us she has been a source of inspiration‚ a role model‚ and a friend.She brings a smile to every group she joins and solid leadership every day‚“ said Tom Bozzuto‚ chairman & CEO of The Bozzuto Group. ’As I’m quoted as saying in the article, The Bozzuto Group wouldn’t be the organization it is today without her, her spirit, and her tremendous creativity.”

In addition, vPoint, a Bozzuto community located in Arlington, Virginia, was recognized as the “2013 Mixed-Income Project of the Year‚ by the magazine. vPoint has been widely lauded as a tremendous step in providing affordable housing in Arlington.

Judged on innovation in architecture, suitability to target market, strategic financing, and success in the marketplace, vPoint serves residents with a wide range of income levels and was carefully designed to meet the diverse needs and wants of its residents. The community, located atop The Church of Clarendon, incorporates sustainable construction practices and distinctive Bozzuto amenities and design features.

The awards were presented at the Multifamily Executive Awards Gala Luncheon on September 10, 2013, at the Multifamily Executive Conference at the Bellagio in Las Vegas. An article about Julie’s accomplishments can be found in the September 2013 issue of Multifamily Executive Magazine, and an article featuring vPoint will appear in the October issue.

 

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ULI BALTIMORE SELECTS TOM BOZZUTO AS 2013 WAVEMAKER LIFETIME ACHIEVEMENT AWARD WINNER

Bozzuto 25 years

The Baltimore District Council of The Urban Land Institute has selected Tom Bozzuto as the 2013 ULI Baltimore WaveMaker Lifetime Achievement Award winner. The award is given to a recognized leader in the development community that has served more than two decades, has touched all aspects of development and has volunteered their time and/or resources to help advance the industry.

On October 3, 2013, ULI Baltimore will host its fifth annual WaveMaker Awards program, where the organization will present Tom Bozzuto with this honorable award. Congratulations Tom

 

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TRAINING SPOTLIGHT

LEARNING & DEVELOPMENT LAUNCHES TWO NEW NETWORKING SERIES

Bozzuto 25 years

To further enhance employee camaraderie and collaboration, Bozzuto’s Learning &Development Department has launched a series of networking events. Stay tuned for upcoming event dates!

The Forum is a series of quarterly networking events for Sales and Service Associates (SSA). All SSAs are invited to enjoy food and drink while mingling with other SSAs at a property in their region. Senior leadership from various Bozzuto companies are also invited to celebrate successes, share best practices, and spend time with new and old friends!

The Concierge Club is a quarterly event that allows Bozzuto concierges to share best practices, review policy and procedure updates, and brainstorm new services ideas. Each meeting also incorporates a learning component where senior leaders and outside vendors are invited to present new ideas to provide better service to residents. In addition, look for BMC to launch a new “best in class” branded concierge program later in the year. More details soon!

BCC LAUNCHES MENTORING PROGRAM

Bozzuto Construction is wrapping up the pilot of their new Mentoring Program. Scheduled to officially launch later this year, the structured program will be managed by the Learning & Development Department and will be offered as a benefit to all existing and new employees. Mentee’s will benefit from additional support and guidance while developing their career with Bozzuto. BCC Mentors will gain from the experience by taking a leadership role and gaining a sense of reward from other’s accomplishments. The ultimate goal of the program is to continue to develop our talented Bozzuto Construction employees.

 

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BOZZUTO CONSTRUCTION COMPANY

BCC NAMED GENERAL CONTRACTOR FOR BALTIMORE CITY’S ROTUNDA REDEVELOPMENT PROJECT

Bozzuto 25 years

Bozzuto 25 years

Bozzuto Construction has been named general contractor for Hekemian and Co.’s The Rotunda – a $100 million redevelopment project – one of the largest constructions project in Baltimore City.

The project team was joined at the site on September 18th by Baltimore Mayor Stephanie Rawlings–Blake for an official groundbreaking ceremony.

“Today we break ground on what we know is a property that is a sentimental favorite to the people of this neighborhood and to Baltimore City,” said Chris Bell, vice president, Hekemian & Co. “We are excited to be a part of this transformation and look forward to revitalizing this iconic property into a vibrant, contemporary mixed–use destination that will again be the gathering place it had once been.”

“We are honored that Hekemian selected us for a project of such magnitude and importance,” said Mike Schlegel, president, Bozzuto Construction Company. “Given our knowledge of Baltimore’s growing real estate and retail market, and our 25 years of experience in diverse product types, we are confident that we bring the right mix of skill and expertise to the project.”

Construction began in September 2013 with parking relocation and renovation of the existing Rotunda retailers. November 1, 2013 will mark the beginning of the new construction phase, with anticipated completion in late fall 2015.

The Rotunda’s redesign plan includes 379 residential units, 174,000 square foot of retail space, 153,000 square foot of office space, an eight–story parking garage with 913 structured parking spaces and an additional 100 surface spaces.

For more information on the project, visit www.rotundabaltimore.com. For the latest construction updates, follow The Rotunda on Facebook (www.facebook.com/grandrotunda) and Twitter (www.twitter.com/GrandRotunda).

POLLIN MEMORIAL TEAM SHOWS GEOMETRY IN ACTION

Bozzuto 25 years

On September 4th, Kurt Gauss, BCC superintendent for the Pollin Memorial Community Development in Washington D.C., toured three groups of elementary students from Cesar Chavez Charter School. The goal of the tour was to learn how geometry is used on site and in our day–to–day activities.

BCC SUPPORTS ACE BALTIMORE

Bozzuto 25 years

On June 28th, Bozzuto Construction served as Gold Sponsor for the ACE Baltimore’s (Architecture, Construction, Engineering Mentor Program) Student Scholarship Awards Breakfast.

ACE Baltimore is the local chapter for ACE, a national organization which runs a mentoring program where high school students get the opportunity to explore career possibilities in the building professions. By partnering with local architects, construction managers, engineers, designers, and professional organizations, students are able to get hands–on experience in the field of their choice.

The Baltimore chapter has more than 100 students participating from 15 different schools, and more 100 mentors from 40 different companies. Bozzuto Construction has six mentors involved with the program, and Kelly Cantley, BCC’s director of business development, is the organization’s current president.

 

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BOZZUTO DEVELOPMENT COMPANY

BOZZUTO BEGINS CONSTRUCTION ON THE FRASIER, $75 MILLION APARTMENT COMMUNITY IN ALEXANDRIA, VIRGINIA

Bozzuto 25 years

Bozzuto 25 years

The Bozzuto Group and MGL Partners, a Denver–based development company, have closed financing and broken ground on The Frasier, a $75 million apartment community located in Alexandria, VA just across the Potomac River from Washington, D.C.

The financing consists of a construction loan provided by Bank of America and RBS Citizens and equity provided by The Bozzuto Group and MGL Partners. Bozzuto Construction Company began work this month and the community is scheduled for completion in spring 2015.

“We are very pleased that this development is moving forward,” said Toby Bozzuto, president, The Bozzuto Group. “Bank of America and RBS Citizens are great long–term partners. The Frasier will be a significant addition to the Potomac Yard community and we look forward to being a part of the exciting development underway in the Crystal City–Potomac Yard–Alexandria corridor.”

“We’re thrilled to be partners in this project with The Bozzuto Group, who we view as the best integrated multifamily company on the East Coast,” said Mike Gerber, principal of MGL Partners.Located in the Potomac Yard district along U.S. Route 1, due north of Old Town Alexandria, The Frasier boasts excellent access to amenities and local employment opportunities. The nearby Potomac Yard Center, anchored by a fresh grocery Target, provides extensive retail amenities, including Barnes & Noble, PetSmart, Starbucks, Hops Restaurant Bar and Brewery, Marino’s Pizza, and a 16–screen Regal Cinemas.

The transit–oriented community will be further enhanced by the Potomac Yard Metro Station, which is planned for completion in 2016/2017 and will be located within walking distance of the community. For outdoor enthusiasts, The Frasier is a well situated to take advantage of almost 18 miles of multi–use recreational paths on the Mount Vernon Trail.

Comprised of 249 residences and 310 parking garage spaces, The Frasier will offer its residents a stunning courtyard with outdoor kitchen, television, and games; a lounge area with fire pit and waterfall feature; and a sparkling pool with sunning shelf. The community also includes a 2,200 square foot fitness center and yoga room, as well as a great room comprised of a game groom, E–lounge, library, and hearth room with a demonstration kitchen.

MONROE STREET MARKET SIGNS TWO NEW RETAILERS

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

The Monroe Street Market team has added two new exciting retail destinations to the community –Barnes & Noble College Booksellers has signed on as an anchor tenant and the team behind DC’s Meridian Pint and Smoke & Barrel has signed on to bring an independently–owned craft beer and casual fine dining restaurant.

The Barnes & Noble College will feature 14,000 square feet of retail space on two levels, a 44–seat Starbucks–branded café, and designated areas for Catholic University textbook and school spirit sales. Construction is scheduled to begin within the next 60 days and the store is expected to open in spring 2014.

The yet–to–be–named restaurant will provide a comfortable, family–friendly neighborhood–gathering place featuring a relaxed yet elegant atmosphere, casual fine dining derived from a chef–driven menu, and a selection of craft beers.

Expected to open mid–2014, the restaurant will encompass approximately 4,200 square feet at the end of the Arts Walk in the center of Brookland Works. The retailer will feature a contemporary storefront with exposed brick, distressed wood, a partially open kitchen, cozy booths and a muted color–scheme accented by dark wood tones.

The executive chef–driven menu will focus on elevated pub standards, internationally inspired dishes, and will provide an ample selection of vegetarian and vegan options. The selection of unique, craft beers will be primarily draft and will highlight a range of styles, geographic, and flavor profiles.

With a commitment to environmental responsibility, the restaurant will utilize all natural ingredients, high efficiency, low impact heating, air conditioning, solar water heating, and composting. Bike racks will be provided in front of the restaurant to support urban cycling.

CADENCE AT CROWN TOPPING OUT PARTY

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

A crowd of about 400 gathered on July 18th to celebrate the topping out of Downtown Crown and The Cadence at Crown apartment community—along with nearly flawless construction process since ground was broken in October. The event was held to celebrate a large milestone for the project and to thank the subcontractors.

Representatives of JBG Rosenfeld Retail, The Bozzuto Group, The Foulger–Pratt Companies and Chesapeake Contracting hosted the celebration for Downtown Crown—the mixed–use hub of Crown, an urban inspired community on 180–acres in the heart of Montgomery County. Downtown Crown features 260,000 square feet of retail space as well as The Cadence at Crown, Bozzuto’s 538–residence apartment community.

 

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BOZZUTO MANAGEMENT COMPANY

GOOD DEEDS

Bozzuto 25 years

Bozzuto Management and its client DSF Group recently donated enough furniture and home goods to fill 50 apartments to Furniture Sharehouse, a non–profit organization that provides furniture to families in need.

How did this happen? Halstead at White Plains, a DSF community located in White Plains, New York, was previously a short–term stay furnished community prior to DSF acquiring the building. Upon takeover, Keri Walker and her team did a terrific job arranging for the furniture from the building to be donated to Furniture Sharehouse. To commemorate the donation, the Mayor of White Plains and a representative from Furniture Sharehouse even paid a visit to the community to thank DSF and Bozzuto for the donation.

The donations were the largest in Furniture Sharehouse’s five–year history and enabled them to help many families in the Westchester, NY area. Great work all!

“We are honored that Hekemian selected us for a project of such magnitude and importance,” said Mike Schlegel, president, Bozzuto Construction Company. “Given our knowledge of Baltimore’s growing real estate and retail market, and our 25 years of experience in diverse product types, we are confident that we bring the right mix of skill and expertise to the project.”

Construction began in September 2013 with parking relocation and renovation of the existing Rotunda retailers. November 1, 2013 will mark the beginning of the new construction phase, with anticipated completion in late fall 2015.

FLATS 170 BLOGGER EVENT

Bozzuto 25 years

On July 20th, Flats170 played host to Rich Wachtel, DC–area food and barbeque blogger at GrillingWithRich.com. Along with the guests who RSVP’d for the event, the community had a steady stream of visitors who came to tour the newly opened one–bedroom model. Along with beef and turkey burgers, Rich prepared grilled corn and grilled lemonade, as well as grilled peaches and grilled pound cake for dessert.

BMC NEW OPENINGS/TAKEOVERS

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

Since January of this year BMC has completed six due diligence projects and acquired five new communities through takeovers. These communities are Alta at Chesapeake Ridge in MD, Onyx on First in DC, Halstead White Plains and The Wimbledon in New York and Shawsheen Place in Massachusetts. Thank you to all the volunteers who helped make these due diligence projects and transitions successful! Very busy and exciting times for our company as we continue to grow all in so many different regions!

 

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BOZZUTO HOMES

BHI ANNUAL FAMILY PICNIC

Bozzuto 25 years

On June 8th, Bozzuto Homes held its Annual Family Picnic at the Columbia Sports Park. At the picnic, 83 adults and 52 children enjoyed batting cages, mini–golf, moon bounce, hula hoop contests, as well as a water balloon contest. The picnic was a great way to thank spouses and other family members for the support they give to BHI employees.

UPTOWN AT MURRAY HILL REALTOR EVENT

On July 24th, Bozzuto Homes hosted an exclusive coffee break and tour of Uptown at Murray Hill for local Annapolis realtors. Guests enjoyed made–to–order lattes and Frappuccinos while touring homes for sale. The spacious single–family homes feature open floor plans, beautiful finishes, and up to five bedrooms. There was so much positive feedback from the event, and, to date, there is only one home remaining for sale!

UPLANDS GRAND OPENING

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

On June 3rd, Bozzuto celebrated the grand opening of Uplands, a $238 million residential community located on the site of the former Uplands community in southwest Baltimore, one of the only new housing developments located in the city.

The grand opening ceremony was held with community leaders and elected officials including Baltimore Mayor Stephanie Rawlings–Blake, Maryland Secretary of Housing and Community Development Raymond A. Skinner and Baltimore Housing Commissioner Paul Graziano.

The community, located on 63 spectacular acres of tree–lined streets just 3.5 miles from Camden Yards, encompasses 761 residences, including townhomes and semi–detached residences, as well apartment homes with one–, two–, and three–bedroom floor plans.

 

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TOM TALK

Bozzuto 25 years

I know by now most of you have heard that we are moving the corporate office. I thought I would use this article to explain why we’ve made that decision and where we’re going. The first thing you should know is that our lease at 7850 Walker Drive was up for renewal effective sometime in 2014. So, this gave us an opportunity to reexamine our space needs as a continually growing and changing company. In doing so we took into consideration the fact that not only are we a larger company than we were ten years ago but the way people work today is much different than the way they worked years ago. You can see that in our existing office: when you walk through on the first Monday of any month, you will find every space full with little room to move; by comparison, take the same walk on any other day of the month and you will find a great amount of empty space—space by the way, which we pay rent on every day of the month.

The second thing worth noting is that the office market has a lot of vacant space. When we announced we were looking for space we had landlords approach us with extraordinary offers at considerable expense savings in reasonably comparable spaces, in jurisdictions from Baltimore to Arlington, Virginia. And frankly, because of the way we had been treated by the prior administration in Prince George’s County (the former county executive Jack Johnson is now in jail, quite appropriately to my mind) I at least was very willing, maybe even anxious, to consider moving out of the county.

We asked Steve Strazzella to take the lead in searching out new office space, and he did a terrific job. I think Steve personally visited something like thirty different office locations, and looked at even more proposals. During that process, the current county administration learned of our inclination to move out of the county and through the leadership of the new county executive, Rushern Baker, put on a real push to convince us to stay in the county. As part of that effort, they also put forward an attractive financial incentive for us to do so.

With that offer from Prince George’s County in mind, the decision finally came down to one between staying where we were (where we had also received an reasonable extension offer from our landlord to stay) but where we would have had to completely had to gut the building to meet our needs, or alternatively, moving to a somewhat older, but equally attractive building in the Greenbelt Office Park on Ivy Lane, about a mile north of our current location.

The Greenbelt Office Park building is somewhat closer to public transportation; it is better served by nearby amenities, including the Greenbelt Marriott; and the building owner’s offer was financially better for the company. In addition, the space could be created to fit our needs going forward without the disruption that would have been caused had we tried to do it in our current space. So, we decided to move.

Now, to address the changes in the way we use space, Toby Bozzuto is leading a process using the highly regarded space planning firm, Fox & Associates. The team that is working on this has had numerous meetings with the leadership of the company and is making real progress in trying to come up with a design that will work for us not only next year when we move in, but five and ten years from now as the company continues to evolve. If any of you have any thoughts or suggestions about how this new space should function, I would encourage you to share those with Toby, Rick Mostyn, Blanton Smith or Mary O’Neill, each of whom is spending a lot of time working on the plans for our new office.

I know that moving will be uncomfortable and inconvenient, especially for those of you who have grown accustomed to our current space. I ask you for patience and a good sense of humor. I think you will all agree that after it’s completed it will be worth the temporary dislocation.

Bozzuto 25 years

Tom Bozzuto

 

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EMPLOYEE SPOTLIGHT

Elsie Rose
Accounting Manager, Bozzuto Homes

Bozzuto 25 years

1. What is your most important responsibility in your current position?Managing the project level accounting process including cash flow and budgeting.

2. How did you become interested in the industry?I started out as an accounting assistant for a local construction company and realized I enjoyed seeing a “finished product” after all my hard work.

3. What do you like most about working at Bozzuto?The people. Many I work with have been here more than five years. It says a lot about the Bozzuto culture and our core values.

4. What do you like to do in your off hours? Any hobbies?Spending time with my granddaughter and my three daughters, reading and shopping.

5. What’s one thing your colleagues would be surprised to learn about you? I was an armorer in the military and I specialized in the use and care of weapons.

6. What music are you currently listening to?I like all kinds of music, from Classical to Gospel.

7. What do you enjoy reading: favorite magazine/book? My favorite magazine is Essence

8. What personal achievement are you most proud of? My military career, of course. Being a soldier taught me to work hard, to be accountable, to be disciplined, to respect my chain of command as well my peers, and to be proud of the things I represent.

 

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FOCUSING ON JOB GROWTH

Bozzuto 25 years

By Mark Franceski, Director of Research, The Bozzuto Group

The markets in which we develop, build homes and manage apartments are among the most active in the country and show few signs of slowing down. This activity creates extensive competition and serious concern about what constitutes the proper number of apartments and homes and whether there will be enough people to rent and buy them all. Job growth is perhaps the most important statistic in determining the balance of demand and supply and luckily for us, our markets are also some of the healthiest economies in the country and are experiencing some of their best growth in years.

For example, our primary markets of Washington and Baltimore added a combined 76,600 jobs in the twelve months ending June 2013, a growth rate of 1.7%. The combined Washington–Baltimore area ranks fourth behind only New York, Dallas and Houston for job growth in the past year amongst the 25 largest job markets in the country. Our other markets are also performing well. As of June, Boston posted its best year–over–year job growth figure in the last decade, Philadelphia its fourth best and New York–New Jersey its sixth best, all figures that demonstrate that the economic recovery carries on in our markets.

However, two important questions linger: what is the composition of these new jobs and how do we translate job growth into the appropriate amount of apartment supply? To the first, the education/health services and professional/business services sectors were the top two growth areas in all our markets except Washington, where leisure and hospitality showed the highest growth. This is a good thing; education/health and professional/business services are the two sectors with the highest paying jobs and the best source of new buyers and renters. Lower paying sectors like leisure/hospitality and retail may provide job growth but not the necessary incomes to fill pricey new apartments.

To the second question, developers often try to figure out how many jobs “equal” one unit of demand, i.e., given job growth, are we building too many homes or too few? This question is more difficult to answer as it is influenced by many factors including job sector growth, geography, housing market fundamentals and submarket concentration. Even with high levels of construction activity, our markets will experience only temporary setbacks, if any at all, as new jobs are created at a healthy pace and demographic trends support new housing.

 

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25TH ANNIVERSARY SOCIAL MEDIA CELEBRATION

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

As part of our celebration of 25 years in business, the marketing department is running a two–part social media sweepstakes campaign from May – December of this year.

The first part of the campaign is the 25 for 25! Sweepstakes on our Facebook page. Each month from now until December, we’re giving away 25 of our favorite things with a different theme each month!

The second part of the campaign consists of onsite events that tie into each month’s theme. In June, we partnered with a trainer from Under Armour to create a Bozzuto workout tying in with our theme “Fit and Fabulous”. July featured a Seventh Inning Stretch Party with baseball–themed viewing parties and concession stands. August’s events were designed to beat the heat with summer movie parties. The driving idea behind these events is to build awareness about the Bozzuto brand and to partner with companies or products that have similar values and quality.

 

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JDRF REAL ESTATE GAMES

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

Bozzuto 25 years

On June 13th, more than 150 Bozzuto employees joined the Bozzuto team – the “Green Machines” – for the Juvenile Diabetes Research Foundation’s 2013 Real Estate Games, exceeding our goal of 100 participants. An annual fundraising event put on by the Capital Chapter of the JDRF, the JDRF Real Estate Games featured events such as running, golf, ping pong, foosball, volleyball, and the 3–legged race, and were held on June 13th at American University in Washington, DC. More than 2,000 individuals from the commercial real estate community participated and competed (including many of our competitors!). The Green Machines gave it their all as they embodied our core value of Concern by supporting those in need!

 

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