Washington Business Journal: Bozzuto Selected to Manage CityCenterDC Apartments
July 08, 2013
Hines Interests LP has picked Greenbelt's Bozzuto Management Co. to handle leasing at its CityCenterDC apartments in advance of the $700 million project's planned completion this fall.
The 458-unit Apartments at CityCenter is one part of the larger CityCenterDC, a redevelopment of the former convention center site at New York Avenue and Ninth Street NW. The project is also slated to include more than half a million square feet of office space, 270,000 square feet of retail and restaurants, 216 condos and a 370-room hotel.
The listing is a high-profile assignment for Bozzuto given the project's prominence and anticipated economic impact on the District. Hines has already built a significant amount of momentum in the project's office space, to be anchored by Covington & Burling LLP, it is said to be in talks with high-end retailers including Apple Inc., and it has already pre-sold a significant portion of the project's planned condos. The apartments would be the last leg in that stool, and Bozzuto's ability to market them to interested renters could be a strong test of CityCenterDC's overall development vision.
"We are delighted to welcome Bozzuto Management Co. to the CityCenterDC team, and look forward to their contributions to our success," Hines Managing Director Howard Riker said. "Bozzuto brings a wealth of experience to their role as manager of The Apartments at CityCenter, and a deep understanding of the unique nature of this property and the lifestyle it offers residents."
Hines did not disclose rental rates for the planned apartments, which were designed by Shalom Baranes Associates. The project is being financed in large part by TFI US Real Estate Fund, which is backed by the real estate investment arm of the Qatar Investment Authority.