Bisnow DC: Big Day in Brookland
November 09, 2011
This morning we snapped Bozzuto chairman Tom Bozzuto, Abdo founder Jim Abdo, DC Mayor Vince Gray, Catholic University president John Garvey, DC councilmember Harry Thomas, and Brookland neighborhood commissioner Charita Brent at the groundbreaking for Monroe Street Market, the first major commercial development to kick off around Catholic U in over 25 years. Mayor Gray: "This project is a prototype for constructive relationships between universities and communities." It's being built with no public subsidies, he says, freeing up TIFs and tax credits for use in affordable housing and public education projects.
The $200M project, left, is the result of a JV between Abdo, Bozzuto, and Pritzker Realty. (Financing comes courtesy of Bank of America, TD Bank, and Fifth Third Bank.) Phase 1 consists of 562 residential units, 50k SF of retail, and 15k SF of artist lofts; it'll deliver in summer '13. Catholic sold the 8.9-acre site to the partnership in '06, and Jim remembers it as old dorms and chain-link fences. Five years later, he says "days like this are a developer's dream."
We also snapped Pritzker's Seth Martin with Toby Bozzuto. Their two firms formed a $75M JV last year, and Monroe Street is their first project together to kick off. Toby's dad Tom tells us the partnership has closed on three projects valued at $250M in the past three weeks, including Union Wharf in Fells Point and The Arcadian Waugh Chapel in Anne Arundel County. Pritzker has three other JV partners nationwide; Seth tells us they look for operators that share their long-term, transit-oriented approach to real estate. "We're looking to hold this project for a long time," he says.