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Ritz-Carlton Residences partners on Chevy Chase condos

October 8, 2020

Washington Business Journal

By Daniel J. Sernovitz

Ritz-Carlton Residences has struck a deal to be part of a $200 million mixed-use project being developed on a 15-acre site in Chevy Chase.

The Bozzuto Group is incorporating the luxury housing brand into a 65-unit condominium building slated for delivery next fall as part of the larger Chevy Chase Lake project it is developing with the Chevy Chase Land Co.

Condos have long been planned as part of the development at 8507 Connecticut Ave., just north of East West Highway, which Bozzuto and Chevy Chase Land broke ground on roughly two years ago. But the Ritz-Carlton’s internationally known brand will bring a higher level of service and hospitality to the project, said Kerri Paulino, vice president of homebuilding operations at Bozzuto.

“We’re not just building apartments and condos in this location, we’re really, uniquely delivering a new way to live,” Paulino said. “I wouldn’t call it a city, but we’re building a village, or a neighborhood, in which people will reside, and there was just no better fit than trying to partner with the Ritz-Carlton to deliver a new way to live. It was kind of the icing on the cake, if we put it that way, in terms of delivering a totally different lifestyle than people are used to.”

When fully developed, Chevy Chase Lake is slated to include 470 apartment units and 100,000 square feet of retail positioned around a central town square. Chevy Chase Land is not a party to the condo building deal between Bozzuto and Ritz-Carlton Residences.

The Ritz-Carlton Residences, Chevy Chase Lake will be managed by the Ritz-Carlton and offer services including 24-hour concierge, porter services, and perks through Marriott Bonvoy. Residents will also have access additional a la carte services including housekeeping, home repair, pet grooming, and dog walking.

The building is slated to feature a 12,000-square-foot outdoor and indoor amenity space on its top floor, broken down into nine different areas including conference space, dining area, Scotch room and outdoor space intended for meditation and reflection.

A sales gallery and model home is slated to open in January, with the official launch of sales starting in the spring. Bozzuto declined to discuss pricing this far ahead of delivery. The Bozzuto Construction Co. is serving as the project’s general contractor, and the building is slated to deliver in October 2021.

Bozzuto President and CEO Toby Bozzuto declined to disclose terms of the deal but said the partnership evolved organically through a series of conversations over time. The Ritz-Carlton Residences tends to be fairly selective in the projects it partners with, and Bozzuto said it’s exciting that the company has chosen to be a part of Chevy Chase Lake.

“From my perspective, how many chances in your lifetime do you get to do a project like this, with a partner like this? So we’re just thrilled to be working with them,” he said.

 

View the original article here.

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