Multi-Housing News: JGB Rosenfeld Retail and The Bozzuto Group to Build ‘True Town Center’
July 19, 2012
JBG Rosenfeld Retail and The Bozzuto Group have closed on Downtown Crown, 20 acres of land at the Crown property in Montgomery County, Md., for a combined cost of $28 million. JBG plans to build 260,000 square feet of retail, and Bozzuto will build 538 residential units above the retail space.
Together, the companies will build two mixed-use buildings, two retail buildings, two free-standing restaurants, a bank and a grocery store.
The apartments, which will be called The Cadence at Crown, will include studios and one-, two- and three-bedroom units, all of which will include granite countertops and stainless steel appliances. Amenities will include courtyards, outdoor kitchens, a pool, a fountain, a fitness center, yoga studio, business center, conference room and media theater.
Northwestern Mutual is assisting with the development by providing equity and a construction and permanent loan to Bozzuto.
“At Crown, we will create in Gaithersburg a true town center, mixed-use community where residents can enjoy a wealth of conveniences just outside their front door, Toby Bozzuto, president, Bozzuto Development Company, said in a press statement. “We are honored to have the opportunity to help bring to fruition a new vision of urban community planning and development in the City of Gaithersburg.”
The first apartments will be available for lease in the summer of 2014.