May 01, 2012
As more cities enact inclusionary zoning laws, the trend of mixed-income development continues to grow stronger.
But deep levels of income mixing require deep rosters—a gathering of different skill sets—and some developers are uncovering more opportunities by partnering with nonprofits.
Though it’s known as a luxury developer, about 10 percent of the Bozzuto Development Co.’s portfolio is mixed-income. And the developer often… Continue reading
April 26, 2012
The Bozzuto Group has committed to matching 100 percent of the electricity used at its corporate headquarters with renewable energy from U.S. wind projects.
This commitment to green power will be achieved through the purchase of Green-e Energy Certified Renewable Energy Certificates (RECs) from 3Degrees, a renewable energy certificate and carbon offset provider to wholesale and retail customers.
The RECs ensure that for every megawatt hour of electricity used at… Continue reading
April 25, 2012
After nearly two decades as a vacant, grassy interruption in downtown’s commercial district, 213 West St. will soon have 30 new homes.
In July, Bozzuto Homes will start building 23 townhomes starting at $400,000 and five single-family homes starting at $680,000 at the former site of The Evening Capital’s offices. This comes nearly a year after the city agreed to allow development of the property without first-floor retail.
The former Darden’s Car… Continue reading
April 12, 2012
ARLINGTON, Va. - Doors have officially swung open on the 116-unit vPoint, a high-rise, mixed-income residential development situated a half block for the Clarendon Metro station.
The eight-story apartment building was co-developed by Bozzuto Development Co. and Chesapeake Community Advisors in partnership with Arlington County, Virginia Housing Development Authority (VHDA), and The Views at Clarendon Corp. The class A project was designed for LEED Silver… Continue reading
April 05, 2012
The biggest surge of Seattle-area apartment construction in a quarter century is threatening to undercut the growth in rents, a trend that’s also emerging in such U.S. cities as Washington and Houston.
Seattle went from “dead last” in rent increases three years ago, following the collapse of mortgage lender Washington Mutual Inc. (WAMUQ), to 13th out of 88 markets last year, according to Axiometrics Inc., a multifamily real estate research company.… Continue reading
March 23, 2012
The biggest challenge for the Bozzuto Group in building Union Wharf was figuring out where to put the construction trailers. The 3.5-acre site in Fells Point is hemmed in by development on three sides and borders the harbor on the other. To make matters trickier, workers at a nearby office building park about 130 cars at the site, and Bozzuto agreed to let them continue to park there during the construction. That left even less… Continue reading
Baltimore Business Journal: Best Real Estate Deals of 2011 -- Nevamar Plant Razed to Pave Way for Upscale Apartments
March 23, 2012
StonebridgeCarras was looking to finance the building of an apartment complex in Odenton. It was 2009 and conventional bank financing for construction projects had pretty much dried up.
“We were right in the middle of the financial meltdown,” said George Carras, StonebridgeCarras’ co-founder and co-manager. “It was virtually impossible to get financing.”
So the Bethesda developer went a different route. It… Continue reading
March 01, 2012
More folks in Baltimore have landlords than mortgages. A passing byproduct of the housing bubble, or the new "un-ownership society" driven by Gen Y?
Consider this a tale of two city lots.
Exhibit A is in Pigtown, where the Camden Crossing housing development débuted with fanfare in 2006—a phalanx of suburbanesque, neo-colonial, garage townhomes blooming in a brownfield in the shadow of the old B&O Railroad roundhouse. Sales were brisk, and home prices passed the half-million mark.
But then… Continue reading
February 12, 2012
The goal for many apartment developers — including some of those building thousands of local units at the moment — is to design and build projects that can then be sold to investors interested in holding them long-term.
Last year was a good time to sell. Overall sales prices per unit in the Washington area have recovered to 2007 levels, according to the research firm Delta Associates, having risen 22.7 percent from 2010. Eighty-one apartment deals closed in the Washington… Continue reading
January 27, 2012
Toby Bozzuto said he couldn’t have closed on $279 million worth of financing for new apartment construction three years ago.
Securing that kind of funding during the depths of the recession wasn’t possible for Bozzuto Development Co. or many other firms. That led to development coming to “a screeching halt” in 2009, Bozzuto’s Development Co.'s president said. Banks began walking away from commitments following the weakening of the economy. As a result, few new… Continue reading