Multi-Housing News: The Bozzuto Group Opens Doors to New Pennsylvania Apartment Development
June 01, 2010
The Bozzuto Group announced the completion and grand opening of 100 Park at Wyomissing Square, a new apartment community located in the heart of Wyomissing Square in downtown Wyomissing, Pa., located in Berks County near Reading.
Wyomissing Square is a new, mixed-use development consisting of 32,000 square feet of new, Class A retail, and a new 135-room Courtyard by Marriott hotel. The Viva Bistro & Tapas Lounge and Berkshire Professional Centre are existing structures at the development.
Bozzuto Group Development developed 100 Park in partnership with New Boston Fund. The development was built by Bozzuto Construction Co., and is managed by Bozzuto Management Co. It is located near large shopping areas, such as the high-end Vanity Fair outlets, and the Penn Avenue shopping district, which includes restaurants, cafes, shops and gyms.
The Bozzuto Group’s work mostly focuses on the Baltimore and Washington, D.C. metro area, so this is something of a departure for the firm, says Don Tracy, development manager.
“That market has become very saturated, so we looked for other markets to develop and build in,” Tracy says. “With its access to Philadelphia and Baltimore, this was a good market for us, from an operations perspective.”
The property’s access to the multiple shopping options that Penn Avenue offers were particularly attractive. “When we see a lot of cars parked on the streets, and large number of people walking on the sidewalks, those are positive indicators,” Tracy says.
The development offers one-, two- and three-bedroom apartment homes, including stacked townhome-style homes in a luxury boutique, hotel-style building. Community amenities include a clubhouse, fitness center, e-lounge, pub-style billiards room, and a swimming pool with trellis and sundeck. All common areas are equipped with WiFi throughout. Rents start at approximately $1100 per month.
The apartment kitchens feature black, energy-efficient GE appliances, black countertops and polished chrome features; garden-style oversized tubs; full-size washer and dryer; nine-foot ceilings and expansive windows. Most floor plans feature large walk-in closets; gas fireplaces and balconies are available in select homes.
The pet-friendly community also includes controlled building access; free open parking (controlled entry garage parking available) and available individual storage spaces.
The apartments are now 50 percent occupied, Tracy says, and should be fully rented out by the end of this year.
This public private project had many partners that worked to complete the development, which involved redeveloping a 100-year-old, vacant industrial building, such as the USA Fund, a division of the New Boston Fund, which was the equity partner, and PNC Bank, which was the lender on the project.
The State of Pennsylvania also provided funds, since this was a brownfield redevelopment, and the Borough of Wyomissing also contributed funds, as 100 Park is seen as a likely catalyst to further development in the area, Tracy says.