CHEVY CHASE, Md. and GREENBELT, Md., July 18, 2012 /PRNewswire/ -- Two top Washington development firms today announced their closing on Downtown Crown, 20 acres of land at the Crown property in Montgomery County, for an approximate combined cost of $28 million. JBG Rosenfeld Retail purchased the property to build 260,000 square feet of retail. The Bozzuto Group purchased the multifamily development rights to build 538 apartments above the retail.
Located in Gaithersburg, Md., just west of Interstate-270 and the Intercounty Connector, Downtown Crown is the retail heart of Crown—a new 182-acre master-planned community that will consist of more than 2,200 new homes and apartments, acres of parks, trails and a future transit stop for the Corridor City Transitway.
JBGR and Bozzuto will build two mixed-use buildings with residential rising above the retail, two multi-tenant retail buildings, two free-standing restaurants, a bank and a grocery store. Leases signed to date include a 53,000 square foot Harris Teeter and a 40,000 square foot LA Fitness with a full basketball court and indoor swimming pool. The companies plan to break ground later this summer.
"Downtown Crown enjoys a very strong customer base that will be well-served by a diverse mix of local and national restaurants and stores," said Krista Di Iaconi, a principal at JBG Rosenfeld. "Retailers are quick to recognize those appetites and demographics." She pointed out that about 32,000 businesses employ more than 361,000 workers in the area, which is underserved by dining and retail establishments. "Downtown Crown is arriving at just the right time to deliver new retail and housing opportunities at a time of growing need."
JBGR's vision is to create a vibrant, interactive and special destination offering new shopping, dining and entertainment options in Montgomery County. Wide sidewalks will be enlivened with outdoor dining and inviting storefronts to create a hub for the community where people can connect, gather, eat and shop. Downtown Crown will also include a large village green which will host concerts, a farmers' market and other cultural and community events.
"At Crown, we will create in Gaithersburg a true town center, mixed-use community where residents can enjoy a wealth of conveniences just outside their front door," said Toby Bozzuto, president, Bozzuto Development Company. "We are honored to have the opportunity to help bring to fruition a new vision of urban community planning and development in the City of Gaithersburg."
Bozzuto's apartments at Downtown Crown – named The Cadence at Crown – will include a mix of studio, one-bedroom, two-bedroom, and three-bedroom floor plans and will offer granite countertops and stainless steel appliances. Community amenities include five spectacular courtyards, three outdoor kitchens, sparkling pool and elaborate fountain, indoor fitness center, yoga studio, business center, conference room and media theater.
Northwestern Mutual is facilitating development of the apartment community by providing both equity and a construction and permanent loan to the Bozzuto Company. "We're proud to be working with both JBGR and Bozzuto on this very exciting development, which we believe will bring significant long-term value to our policyowners," noted Bill Norton, regional director for Northwestern Mutual Real Estate Investments.
The first apartments at The Cadence at Crown will be available in summer 2014.
About JBG Rosenfeld Retail
Based in Chevy Chase, Md., JBG Rosenfeld Retail is a premier retail and mixed-use developer which owns, manages, leases or is currently developing more than 5 million square feet of properties in the Mid-Atlantic region. Since its inception in 1995, it has developed a blue-chip portfolio of mixed-use developments, shopping centers and freestanding retail properties. The company's success is a direct result of its attention to detail, excellence in execution and an in-depth knowledge of its markets and product types. For more information on the full scope of the company's services, call (301) 657-0700 or visit www.jbgr.com.
About The Bozzuto Group
Headquartered in the Washington, D.C., area, The Bozzuto Group is a diversified residential real estate company consisting of six integrated companies—Acquisitions, Construction, Development, Homebuilding, Land Development and Property Management—that together provide a broad range of real estate services throughout the Mid-Atlantic and Northeast. The company is committed to providing quality housing for individuals of all income levels, producing everything from luxury homes and apartments to affordable housing solutions.
Throughout The Bozzuto Group's 24-year history, the company has developed, acquired and built more than 35,000 homes and apartments, and the firm and its principals have been honored with numerous industry awards and accolades, including having been recognized by the NAHB as the nation's premier apartment development company, and twice as management company of the year. For more information, please visit www.bozzuto.com.
About Northwestern Mutual
Northwestern Mutual is one of the largest real estate investors in the nation, with investments in commercial mortgages, equities and securitized investments across all major property types, and with real estate professionals providing origination, underwriting, and service in regional offices across the country. More information about Northwestern Mutual's real estate investing can be found at www.northwesternmutualrealestate.com.
SOURCE The Bozzuto Group