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 room… 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 turned… 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
January 25, 2012
New York—Tom Bozzuto, CEO of The Bozzuto Group, a real estate firm based in Greenbelt, Md., participated in a live chat on Tuesday, January 24th, on the MHN Facebook page to answer readers’ questions.
Below is the transcript of the chat session.
Tom Bozzuto: Good morning, everyone. I’m happy to be here.
Question: Thanks for being on the cutting edge. Please spend a little time discussing how BMC [Bozzuto Management Company] is leveraging social media to extend your… Continue reading
January 09, 2012
Developers are targeting recession-minded renters as well as innovative funding sources with multifamily housing projects that emphasize amenities and community.
Looking at renderings of Union Wharf, a project that broke ground in December in Baltimore’s historic Fells Point waterfront community, it’s difficult at first to decipher who the project serves. The mid-rise structure could be a resort, with its infinity pool and yoga studio overlooking the city’s harbor. It could be a boutique hotel,… Continue reading
December 19, 2011
Coming up with a down payment is often a first-time home buyer’s biggest challenge.
That’s why many of them get a little help from relatives or friends. In 2010, 27% of first-time buyers received a gift from a friend or relative to use toward their down payment. That’s up from 22% in 2009 and 23% in 2005, according to statistics from the National Association of Realtors.
In November, Carolyn Gage moved back into the foreclosed home from which she was evicted in… Continue reading
December 15, 2011
In the space of only eight days, the Greenbelt, Md.-based Bozzuto Group announced nearly $200 million in new development across two marquee projects in the Baltimore and Washington, D.C., metros. The first, Cathedral Commons, a mixed-use development to be anchored by a state-of-the-art Giants grocery store across the street from the National Cathedral is set to begin construction in early 2012. In addition to the 50,000-square-foot… Continue reading
December 14, 2011
The Bozzuto Group broke ground yesterday on Union Wharf, a $72 million mixed-use waterfront community located in Baltimore’s Fells Point neighborhood. The project will bring 281 upscale units and 4,500 square feet of retail to the area upon completion.
The development is being financed in part through a partnership between Bozzuto, CIGNA and Pritzker Realty Group, a Chicago-based real estate investment company, and a construction loan from PNC Real Estate.
“The Union Wharf… Continue reading