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Bozzuto Development, Toby Bozzuto, The Fitzgerald, demand, oversupply, Baltimore City, Unon Wharf, smaller unit sizes, low price points, Bisnow, Baltimore Multifamily Summit
This morning, Bozzuto Development prez Toby Bozzuto told us multifamily developers need to be cautious about oversupplying the market, even though demand is strong. "Other than our Fitzgerald project, Baltimore hasn't had many significant construction starts over the past three or four years," he says, "but before that, excess supply caused landlords to offer one—two months of free rent routinely." Concessions have since burned off, and Toby tells us Bozzuto's looking to differentiate itself through innovative design and lower price points. "With our Union Wharf project in Fells Point, we're offering new Class-A apartments that're $300/SF less than market," he says. And how's he able to do that? Smaller unit sizes and foregoing a high-rise structure. ?What our customers are looking for is value, and by offering smaller units with greater amenities, we're providing that.? Don't forget to sign up today to hear Toby and other apartment all-stars at our Baltimore Multifamily Summit July 28.
Cushman & Wakefield, Rich Thomas, Price Modern, Pete Kimmel, Transwestern, Stuart Thomas, Mt. Kilimanjaro, cystic fibrosis, Redwood Tower, 2 Hopkins Plaza, Courtenay Jenkins
C&W sent us this picture of broker Rich Thomas flanked by Price Modern's Pete Kimmel and Transwestern's Stuart Thomas atop Africa's highest peak, Mt. Kilimanjaro. And why were they climbing a nearly 20,000-foot mountain? As a challenge, says Rich (besides bringing along a helmet to commemorate the Ravens' Super Bowl XXV win). When they're not fighting altitude sickness, Rich reps Redwood Tower (217 Redwood St) in downtown Baltimore, recently inking two deals totaling 20,000 SF. His brother Stu leases 2 Hopkins Plaza, which has 100k SF available, and Pete specializes in office furniture needs. We're wondering which C&W broker will climb it next: Courtenay Jenkins made his ascent last year.