Bozzuto Bets on Wisconsin
The family owned giant that's synonymous with multifamily now has two mixed-use projects on Wisconsin Avenue in DC. That's why we're thrilled president Toby Bozzuto will be joining the Development panel at our 5th annual Bisnow Washington Real Estate Summit on May 7 to tell us why they chose those projects (besides the potential for lunch meetings at 2 Amys).
This morning, Toby told us it's "extraordinarily difficult to find opportunities on Wisconsin Avenue," due to its traditionally residential nature and smaller commercial sites. So his firm jumped at the chance to develop two grocery-anchored venues: Cathedral Commons in Cleveland Park (a JV with Giant and Southside Investment Partners) and the Safeway site in Tenleytown. They total almost $250M in development costs, Toby says. The firm also loves Wisconsin's "deep, existing, and mature neighborhoods." (The Red Line gets its color from blushing after such compliments.)
Here's what Cathedral Commons will look like when it's finished next year; it'll include 137 apartment units, eight townhomes, and 128k SF of new retail for the corridor, including a remade Giant. The Tenleytown project is still in its infancy, Toby says, and the firm is collaborating with local stakeholders; he hopes a groundbreaking happens in 2016. (More info and sign up for our 2014 Washington Real Estate Summit.)