YOUR PERIODIC UPDATE FROM BOZZUTO CONSTRUCTION
FROM THE DESK OF
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Hello and welcome to the first issue of Bozzuto Construction Company’s new quarterly e-newsletter.
Mike Schlegel | President, Bozzuto Construction | mschlegel@bozzuto.com
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GET TO KNOW
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PROJECT SPOTLIGHT
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vPoint |
FEATURED CLIENT
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Urban Atlantic From 1998-2008, Bethesda, Maryland-based Urban Atlantic completed more than $1.1 billion in real estate developments and placed over $1.3 billion in real estate investments. Led by Vicki Davis and Scott Nordheimer, and focused on central cities and first ring suburbs, Urban Atlantic is known for successfully transforming urban communities up and down the East Coast. In 2010, Urban Atlantic and its development partner, A&R Development, jointly selected Bozzuto Construction to build Rhode Island Row. Located directly adjacent to the Rhode Island Avenue Metro Station in Washington, D.C., the development consists of 274 apartment units built over 72,000 square feet of retail space, one precast parking garage and two cast-in-place concrete parking structures. The community is scheduled for completion in September 2012. Click here for more information about Urban Atlantic and click here for more information about Rhode Island Row. |
IN THE PRESS |
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Union wharf On December 13th, Bozzuto Construction broke ground on Union Wharf, its latest project for Bozzuto Development. Click here to read the Baltimore Sun’s article about the start of the development. |
TOOLBOX TALK |
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BUILDER Magazine has a regular feature titled “Jump Ball”, in which three builders are asked to respond to a question of the month. For the December 2011 issue, they asked Bozzuto Construction President Mike Schlegel to answer, “What is your company doing to keep construction costs down?” Here was his response: Courting new subcontractors and suppliers has been key to keeping costs down in our market focus of urban infill and mixed-use multi-family developments. We have seen prices rise about 5-7% from the bottom of the recession, and while there have been some material price increases caused by higher fuel prices, I believe this is due primarily to subcontractors and suppliers attempting to get some margin back into their bids after a couple of years of barely breaking even. I don’t think there is much, if any, room for subcontractors to further cut their prices. Subcontractors are struggling with the arguably deepening recession in home building and their failure to keep their doors open will put upward pressure on prices, which won’t be good for builders or ultimately, land sellers & consumers, in the long run. I anticipate that we’ll see another 2-4% in price increases in the next 6 months in the Washington/ Baltimore multi-family housing market. To the extent subcontractors and suppliers attempt to go beyond this point, others will backfill the market with more competitive numbers. We will continue to look at expanding our players, mixing them into our existing pool of subcontractors and suppliers to ensure that we get the quality we demand at a price that is competitive. |
UPCOMING EVENTS
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On February 29th, HAND (Housing Association of Non-Profit Developers) will hold a panel event titled “Non-Profit Building – Keys to a Successful Project” at Bozzuto’s vPoint development in Arlington, VA. The session will use the vPoint project as a case study and will also offer a guided tour of the community. For more information, please visit: http://handatvpoint.eventbrite.com/ |
ABOUT US
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Established in 1988, Bozzuto Construction Company and has been responsible for the construction and renovation of more than two million square feet of mixed-use and multifamily projects with a value in excess of $2.2 billion. With annual revenues of more than $150 million, Bozzuto Construction’s portfolio includes urban infill, high-rise, mid-rise, senior living, affordable housing and garden style apartments; along with retail, theatre, churches, student housing, site infrastructure construction and renovations. The company’s expertise lies in project planning, cost estimating/bidding, general contracting and construction management. |
Latest News
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As more cities enact inclusionary zoning laws, the trend of mixed-income development continues to grow stronger.
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