Commercial Property Executive: Bozzuto Homes to Build New Condos Near U Street Corridor
June 05, 2014
Bozzuto Homes, a division of The Bozzuto Group, is getting ready to start work on its second Washington, D.C., condo development in 2014. Earlier this year, the company broke ground on 460 New York Ave., a 63-residence high-rise condominium community in the Mount Vernon Triangle neighborhood. This summer, it will start construction on 96 condominiums at V Street and 15th Street, N.W.
Bozzuto Homes did not disclose the cost of the project. It will be developed in a joint venture with NVCommercial Real Estate Fund I, and is scheduled for completion in late 2015. Plans call for the construction of a nine-story building with a concrete frame. Its façade will be clad in masonry and large-span windows.
The 96 condominiums will be a mix of studio, one- and two- bedroom floor plans. They will feature European-style cabinets, quartz countertops, wood flooring, balconies and floor-to-ceiling windows. Community amenities include a community lounge, a meeting room, a ground-level patio, bike storage, a rooftop deck and a parking garage with 37 spaces.
The Bozzuto Construction Co. will be the general contractor. The project team also includes WDG Architecture, Metropolitan Engineering Inc., SK&A Engineers and Wiles Mench Corp., with NVCommercial Real Estate Fund I as the equity partner and M&T Bank as lender.
Demand for condos in the Washington, D.C., area is high and growing, as most projects under construction have fewer than 50 units. Experts say the market currently has the lowest supply of new condos available in more than a decade. And some developers are looking to take advantage of this situation. Recently, another company announced its intention to start work on a condo development: The Goldstar Group, a privately held firm based in Bethesda, acquired the eight-story 3409 Wilson Blvd. in Arlington, with plans to convert its 85 units into condos.