Maryland Gazette: Bozzuto Group Ends Year with Action on New Projects
November 18, 2011
Greenbelt developer on regional building boom
The privately held firm said it expects to begin construction next year on the Esplanade, a 371-unit mixed-use apartment community that will be the first residential rental property in National Harbor in Oxon Hill.
The Peterson Cos. of Fairfax, Va., the master developer of National Harbor, is a partner in the joint venture.
The Esplanade is designed to play up the riverside appeal of the Prince George's County complex, which overlooks the Potomac River.
Touting National Harbor's aquatic atmosphere, Bozzuto said in a statement, "An Esplanade is large, open-level area next to a body of water where people walk and gather, and esplanades became popular in Victorian times when it was fashionable to visit seaside resorts. The National Harbor essentially is a seaside resort, which makes The Esplanade a natural extension of the area."
The project will include 25,000 square feet of ground-floor retail space and is scheduled for completion in late 2013.
Construction also is slated to start in April on another mixed-use residential project in Crown Farm, a long-awaited apartment project in Montgomery County. The 537-unit luxury apartment building in Gaithersburg is a joint venture with JBG Rosenfeld Retail. They are promoting the community as a critical downtown link between the other retail and residential neighborhoods of Crown Farm, where master developer Sunbrook Partners plans to build a mix of 257,400 square feet of commercial space, 1,131 multifamily units, 337 townhouses and 60 single-family homes on 87.8 acres between Sam Eig Highway and the future Decoverly Drive extension.
Other Bozzuto plans next year include building a second apartment complex at Annapolis Towne Centre in Parole with 220 to 230 units.
In the meantime, Bozzuto has been turning dirt in other parts of the region this month.
The company held a grand opening Wednesday for the newest development it is managing, the Arbors at Baltimore Crossroads, a 365-unit luxury apartment complex in White Marsh. The project was built by Bethesda's Somerset Construction, master developer of Baltimore Crossroads @95, a 1,000-acre mixed-use development in Baltimore County just off I-95.
Last week, Bozzuto Group teamed up with Abdo Development of Washington and Chicago's Pritzker Realty Group to break ground on a $200 million multiphase development that will create a college town on the south campus of Catholic University of America in Washington. When completed, the project will include about 720 multifamily units, 45 townhouses, 80,000 square feet of street-level retail, 15,000 square feet of artist studio space, a 3,000-square-foot community arts center and 850 parking spaces. The first phase, consisting of 562 residential units, is scheduled for completion in the summer of 2013.
Also this month, Bozzuto broke ground on the Arcadian at Waugh Chapel, a 298-unit apartment complex in Gambrills. The $57 million joint venture with Chicago's Pritzker Realty Group is part of master developer Greenberg Gibbons' 1.2 million-square-foot mixed-use Village at Waugh Chapel South, which will be anchored by a Target store and the first Wegmans grocery in Anne Arundel County. Delivery is scheduled for the fall of 2013.