JGB Rosenfeld Retail and The Bozzuto Group to Build ‘True Town Center’
- Jul 19, 2012
Gaithersburg, Md.—JBG Rosenfeld Retail and The Bozzuto Group have closed on Downtown Crown, 20 acres of land at the Crown property in Montgomery County, Md., for a combined cost of $28 million. JBG plans to build 260,000 square feet of retail, and Bozzuto will build 538 residential units above the retail space.
Together, the companies will build two mixed-use buildings, two retail buildings, two free-standing restaurants, a bank and a grocery store.
The apartments, which will be called The Cadence at Crown, will include studios and one-, two- and three-bedroom units, all of which will include granite countertops and stainless steel appliances. Amenities will include courtyards, outdoor kitchens, a pool, a fountain, a fitness center, yoga studio, business center, conference room and media theater.
Northwestern Mutual is assisting with the development by providing equity and a construction and permanent loan to Bozzuto.
“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, Toby Bozzuto, president, Bozzuto Development Company, said in a press statement. “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.”
The first apartments will be available for lease in the summer of 2014.