Hines Taps Bozzuto Management Company to Market and Manage The Apartments at CityCenterDC
CityCenterDC's 458 Rental Homes Introduced This Summer for Fall Occupancy
WASHINGTON, July 8, 2013 /PRNewswire/ -- Hines and the TFI US Real Estate Fund, sponsors of CityCenterDC, announced today that they have chosen prominent real estate services firm Bozzuto Management Company to market and manage the apartment community at the landmark, mixed-use CityCenterDC development in Downtown Washington, D.C.
The Apartments at CityCenter, comprised of 458 residences, respond to the District's growing demand for well-appointed apartment homes in convenient locations, featuring meaningful amenities that will enhance the daily living experience. With restaurants, shops, major employers and Metro rail stops within a short walk, The Apartments at CityCenter will set a new standard for urban living in D.C. The Apartments at CityCenter will be introduced to the market later this summer and will be available for occupancy in the fall 2013.
The apartments will offer dramatic floor-to-ceiling windows, spacious layouts and open kitchens, along with amenities that include a rooftop swimming pool, lounge, gardens and terraces, a clubroom with billiards and televisions for entertaining, a dog-walk area, and a two-story, 5,500-square-foot fitness facility with a yoga room. The Apartments at CityCenter will be served by an underground parking garage.
The Apartments at CityCenter have been designed by the well-respected architectural firm Shalom Baranes Associates. Landscape architect Lee and Associates had responsibility for the design of rooftop amenities, terraces and other common areas.
The Apartments at CityCenter are one of five major components of CityCenterDC. The mixed-use development also includes 216 luxury condominium residences, 520,000-square feet of Class A office space, and more than 60 shops and restaurants, in properties designed by internationally renowned architects Foster + Partners and the D.C.-based Shalom Baranes Associates. In addition, CityCenterDC will also feature a 370-room hotel.
"We are delighted to welcome Bozzuto Management Company to the CityCenterDC team, and look forward to their contributions to our success," said Howard Riker, managing director for Hines. "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. We feel they will be excellent stewards for our concept of an amenity-rich, vibrant, luxurious and inspired lifestyle in the heart of Downtown Washington."
"Located in the heart of D.C.'s historical and cultural epicenter, CityCenterDC's unique mix of office space, residences, hotel, retail and lifestyle offerings make it a preeminent urban destination," said Hines' Managing Director Jason Jacobson. "We look forward to inspiring a vibrant community that redefines the D.C. Metro area."
"We are proud to partner with Hines in offering The Apartments at CityCenter," said Julie Smith, president, Bozzuto Management Company. "The apartments will showcase thoughtful features and functional layouts that complement CityCenterDC's design aesthetic, which pairs timeless architecture with living and office space, hospitality, unique shopping and dining options. It will be an unparalleled place to live in downtown D.C."
CityCenterDC is a development of Hines and The TFI US Real Estate Fund. The anchor investor in the Fund is Qatari Diar Real Estate Investment Company (Qatari Diar), the real estate investment arm of the Qatar Investment Authority. The Fund is advised by Tanween, a Qatari real estate development management and consulting firm.
CityCenterDC (www.citycenterdc.com) is a unique, pedestrian-friendly, 10-acre mixed-use development, located in the heart of downtown Washington on a 4.5-block parcel bounded by New York Avenue, 9th, H and 11th Streets, NW. Foster + Partners of London and Washington D.C.'s Shalom Baranes Architects served as master-plan architects. Phases I and II of the project will contain more than 270,000 square feet of retail space situated at the base of seven buildings that encompass 520,000 square feet of office space, 458 rental apartment units, 216 condominium units, a 370-room luxury hotel, a public park, a central plaza and pedestrian-oriented streets and alleyways.
Construction of Phase I of the project commenced in March 2011. As of year-end 2012, the structures associated with the two office buildings, two apartment buildings and two condominium buildings reached the "topping out" milestone. It is further anticipated that these buildings will be able to accept initial occupants during the fourth quarter 2013. A joint venture between Clark Construction Group, Smoot Construction of Washington, D.C., and McKissack and McKissack is the general contractor.
Construction of Phase II of the project is expected to commence in the first half of 2014. It will consist of an approximately 370-room luxury hotel and 73,000 square feet of additional retail.
The CityCenterDC retail component will consist of over 60 stores, restaurants and cafes. CityCenterDC's retail will complement and enliven the existing downtown retail by providing one-of-a-kind shopping and dining destinations for the Washington, D.C. metropolitan area. The project will feature a unique mix of local, national and international brands that will contain quality retail space with extensive street frontage and dynamic storefronts and signage. Initial leases are being finalized, and it is expected that a critical mass of tenants will be committed by spring 2013, with a grand opening scheduled for spring 2014.
About Bozzuto Management Company
Voted Property Management Company of the Year in 2011 by Multi-Housing News, and in 2000 and 2009 by the National Association of Home Builders (NAHB), Bozzuto Management Company offers the finest in apartment living and management services. With more than 130 communities in exceptional locations throughout the East Coast, Bozzuto Management provides a resident experience that is truly beyond compare. The company is a subsidiary of The Bozzuto Group, a full-service real estate firm headquartered in Greenbelt, Maryland. For more information, visit www.bozzuto.com.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm's historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,273 properties representing more than 514 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 406 properties totaling 148.5 million square feet, which includes 78.3 million square feet for third parties. With offices in 113 cities in 18 countries, and controlled assets valued at approximately $24.3 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualite Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.
About The First Investor (TFI)
TFI is a leading Shariah investment company in Qatar and is regulated by the Qatar Central Bank. A wholly owned subsidiary of Barwa Bank, TFI is emerging as one of the most respected investment banking firms within the region, combining Qatari leadership with both international and local expertise to provide dedicated services in Investment Banking, Asset Management and Real Estate Investment. Through its strong international network of relationships and deep technical expertise, TFI provides a global approach in helping clients formulate, deliver and manage effective corporate strategies. Visit www.tfi.com.qa for more information.
About Barwa Bank
Barwa Bank is a Shariah-compliant bank in the State of Qatar, established in Doha and licensed and regulated by the Qatar Central Bank. With an authorized capital of QAR 6 billion and paid up capital of QAR 3 billion, Barwa Bank provides a full range of Shariah-compliant banking services including retail, corporate and commercial banking, private banking, real estate finance, structured finance, investments and asset management.
Tanween is a Qatari real estate development management and consultancy firm operating in GCC and MENA with a network of international consultants and partners. Tanween's current portfolio of projects under development amounts to around $22bn. Tanween assists land owners, developers, investment banks and investors to create commercially viable and sustainable world-class real estate communities in all asset classes. Tanween's experts provide various strategies for real estate developments and asset management and comprehensive project delivery services throughout the development lifecycle. Visit www.tanween.com.
About Qatari Diar
Qatari Diar Real Estate Investment Company, wholly owned by the Qatar Investment Authority, was established in December 2004 to support Qatar's growing economy and co-ordinate the country's real estate development and investment priorities. Qatari Diar is currently involved in more than 35 projects in more than 20 countries around the world. Visit www.qataridiar.com.
For more information, contact:
Hines – George Lancaster – 713-966-7676
Bozzuto – Lauren Neuvel – 301-623-1579
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