Baltimore Business Journal: Best Real Estate Deals of 2011 -- Bozzuto Breaks Ground on Union Wharf
March 23, 2012
The biggest challenge for the Bozzuto Group in building Union Wharf was figuring out where to put the construction trailers. The 3.5-acre site in Fells Point is hemmed in by development on three sides and borders the harbor on the other. To make matters trickier, workers at a nearby office building park about 130 cars at the site, and Bozzuto agreed to let them continue to park there during the construction. That left even less room for the trailers. The creative solution? Float the trailers on a barge in the harbor and move the cars around the site as you build.
Bozzuto also put together a creative consortium to finance the $72 million project. For the equity portion, Bozzuto teamed up with Cigna, the insurance giant, and Pritzker Realty to invest a combined $18 million in the project. They got a loan from PNC Bank for the remaining $54 million.
The centerpiece of the project will be a 175-foot, zero-edge swimming pool with a sweeping waterfront view.
“It will look like it’s floating on the harbor,” said Toby Bozzuto, president of Bozzuto Development Co.
The key players
Developer: Toby Bozzuto, Jeff Kayce, Michela Hancock, of Bozzuto Group
Architects: Ed Hord, Chris Harvey, Keith Kobin and Beret Dickson, of Hord Coplan Macht
Civil engineer: Matt Morgan, of Morris & Ritchie Associates
Geotech/environmental engineer: Ravi Malviya and Paul Hayden, of Geo-Technology Associates
Structural engineer: Brian Cates, of Cates Engineering
Structural engineer (garage): Tony Morabito, of Morabito Consultants
MEP engineer: Michael Dodane, of KTD Consulting Engineers
Interior designer: Rebecca Jones, of RD Jones + Associates
Landscape architect: Richard Jones, of Mayhan Rykiel Associates
Lender: PNC Bank
Equity: Cigna and Pritzker Realty Group