The Bozzuto Group Breaks Ground on Wyomissing Square
March 13, 2008
Transformation of Industrial Site into Mixed-Use Urban Community Underway
Wyomissing, PA – March 13, 2008 – The Bozzuto Group, along with the Urban Strategy America (‘USA’) Fund, a New Boston real estate investment fund, The Brickstone Companies, and Rock Creek Hospitality, celebrated a groundbreaking today for mixed-use development Wyomissing Square. The project includes the redevelopment of a former industrial warehouse into a mixed-use community with apartments, retail, office space and a hotel.
“We are honored to have the opportunity to bring high-quality rental housing to the beautiful community of Wyomissing,” said Toby Bozzuto, executive vice president of Bozzuto Development Company. “We recognized that the neighborhood needed a vibrant, mixed-use environment, and are thrilled to create a community that provides this option for residents. We are building a project that respects the historic integrity of Wyomissing, while meeting the needs of today’s renters, who seek a first-rate 24/7 environment.”
The Wyomissing Square project, a 13.3-acre smart growth development, is being developed, built and managed by The Bozzuto Group. The project has been recognized by the Delaware Valley Smart Growth Alliance and today received $2.85 million dollars in grants from the State of Pennsylvania for its contribution to the economic development and urban revitalization of the community.
The 248-unit four-story apartment complex, Wyomissing Square Apartments, is an adaptive re-use of the existing industrial facility, through a joint-venture partnership with the USA Fund. The 32,000 square feet of retail and restaurant space is a co-development with the Brickstone Companies, and a 135-room Marriott Courtyard hotel, which will also have a restaurant and meeting space, is being developed in partnership with Rock Creek Hospitality.”
“This project is going to create jobs and have a significant economic impact throughout the region. Equally important, we have leaders from local school boards, Berks County, Wyomissing Borough and the Berks Economic Partnership on board with us,” Secretary of Community and Economic Development Dennis Yablonsky said at today’s groundbreaking. “Wyomissing Square is a textbook example of what the Rendell administration and the Community Action Team strives for – utilizing partnerships and investments to revitalize our core communities.”
“Environmental challenges are leading to economic growth throughout Pennsylvania,” said state Department of Environmental Protection Secretary Kathleen A. McGinty. “As one of the state’s first Brownfield Action Team projects, we have the opportunity here in Berks County to create a vibrant, productive site that promises to enhance the quality of life for the region’s residents by providing new opportunities for job creation and business development.”
Wyomissing Square is located in close proximity to Routes 222 and 422 and is also situated within 5 miles of the Reading Regional Airport. As the western anchor of the revitalization plan for Penn Avenue, the community is located within walking distance to the cafés, restaurants, and shops that are situated along the Penn Avenue Corridor.
“Wyomissing Square is a perfect investment match for the USA Fund because it delivers on our promise of a triple bottom line: to generate solid returns to investors while also spurring economic development through the creation of jobs and at the same time promoting environmental sustainability,” said Kirk Sykes, President, Urban Strategy America Fund. “The apartments will meet a demand in the Wyomissing market for its patrons and residents to live, work, and shop within the community.”
Construction will be completed in early 2010.
About The Bozzuto Group
Headquartered in Greenbelt, MD, the Bozzuto Group consists of six integrated companies - Acquisitions, Construction, Development, Homebuilding, Land Development and Property Management - that together provide a broad range of real estate services. The company is committed to providing quality housing for all, from luxury homes and apartments to affordable housing solutions. Since 1988, the company has developed, acquired and built more than 30,000 homes and apartments. Throughout the Bozzuto Group’s 20-year history, the firm and its principals have been honored with numerous industry awards and honors. For more information, please visit www.bozzuto.com.
About the USA Fund
The Urban Strategy America ('USA') Fund is a New Boston real estate investment fund that executes on the promise of a triple bottom line- generating solid returns to investors, spurring economic development and workforce housing, and promoting environmental sustainability.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4 billion, including 20 million square feet of commercial real estate and 6,700 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns.
About Rock Creek Hospitality
Rock Creek Hospitality was formed in 2004 by Gregory S. Droege and Robert S. Deeley, seasoned hotel development executives with more the 60 years combined experience. Headquartered in Olney, MD, Rock Creek is a hotel development company that also provides asset management and hospitality consulting services. Since its inception, the Company has developed a Residence Inn by Marriott in Silver Spring, MD and is responsible for the asset management of a Courtyard by Marriott in the Philadelphia suburbs. Prior experience includes the development/acquisition of full service Marriott, Hilton and Ritz Carlton hotels as well as multiple limited service hotel brands.
About Brickstone Realty Corporation
Brickstone Realty is a Philadelphia based real estate development company, specializing in large scale urban redevelopment projects. Since 1986, Brickstone has developed over 3.9 million square feet of investment grade real estate in Center City Philadelphia, including the historic rehabilitation and adaptive reuse of the 1.9 million square foot Wanamaker Department Store and the 880 thousand square foot Lit Brothers Department Store. Both projects won National Trust Honor Awards as the best large scale commercial rehabilitations in the nation, a distinction no other developer can claim. These properties continue to thrive as mixed use facilities that contribute heavily to Philadelphia’s Center City Renaissance. Brickstone Realty has also developed seven Marriott Hotel properties including the 500 room Courtyard in Center City Philadelphia. Brickstone Realty is an affiliate of the Brickstone Companies headquartered in El Segundo, California.