Multi-Housing News: Bozzuto JV Builds Smart Growth Initiative
December 23, 2015
A trio partnership is bringing the first multifamily building of a mixed-use development to the Shady Grove Metro in Rockville, Md., announcing that it has secured financing and begun construction on the 45-acre development. Bozzuto, EYA and Carlyle Realty Partners provided equity while Citizens Bank provided debt for the project. HFF arranged the joint venture and assisted in placement of the debt.
As MHN previously reported, Westside at Shady Grove Metro is a four-phase development that will ultimately consist of 1,114 apartment residences, 407 townhomes, 37,000 square feet of retail, 130,000 square feet of office and a public library. Construction on the first phase of development began in May and EYA has already begun selling townhomes, which start at $570,000 and range in size from 1,678 square feet to 2,427 square feet with three or four bedrooms. Each townhome will be either three or four floors and include a rooftop terrace and private two-car garage, according to Bethesda Magazine.
The first multifamily building will include 333 apartments, of which 27 will be workforce housing and 50 will be Moderately Priced Dwelling Units (MPDUs), 17,000 square feet of retail and a four-story above-grade parking garage with 473 spaces. Bozzuto has begun construction on the project, which it expects to complete in 2017, and the company will manage the community upon completion.
The community will offer a variety of amenities, including: a mix of public and semi-public spaces; hospitality bar; club/game room with kitchen and dining spaces; fitness center with an indoor/outdoor yoga studio, free weights and cardio equipment; outdoor pool with deck and fire pits; turf lawn for movies and lounging; grilling and dining stations; and an outdoor bar.
Residents will have convenient access to Interstate 270 and 95 with its location at the Shady Grove Metro station and at the Shady Grove Road entrance ramp to the ICC.
The development is part of a County Executive Ike Leggett’s larger Smart Growth Initiative for the Shady Grove Metro station area, which “will provide substantial economic opportunities for future growth in Montgomery County” by building transit-oriented developments, construction of new housing units, including MPDUs and workforce housing, among other goals, according to the Montgomery County website.
“As the centerpiece of Montgomery County’s Smart Growth Initiative, Westside at Shady Grove Metro is an important development because it will not only create affordable housing, but will also offer additional services to the surrounding community, including green spaces, a library, an elementary school, and vibrant retail,” said Toby Bozzuto, president & CEO, Bozzuto. “We share EYA’s vision for the neighborhood and we are honored to serve as the community’s co-developer, builder and manager.”
EYA Vice President of Land Acquisition and Development McLean Quinn added that the first townhomes should be delivered in early spring 2016 and KLNB is currently working on retail leasing. The project architect is KTGY and interior design is by Forrest Perkins.