Bozzuto Group of Greenbelt looks to sell more than 1,200 apartment units in PGCo even after subsidy from county, President Obama coming to PGCo Community College, MGM unveils MGM National Harbor renderings and plans. All I can say is wow. Just wow.
Bozzutto Group‘s portfolio of nearly 1,200 apartment units in Suitland and Temple Hills include Forest Village, Shadyside Gardens, Marlow Heights, Marlow Tower and Marlow Gardens. The properties are being marketed for sale individually or as a portfolio. Williams said the offering could be a value-add proposition for prospective buyers by increasing the rental and occupancy rates in the buildings. They also present the chance for a buyer to pick up a critical mass of properties in a concentrated area. There have been a number of multimillion-dollar apartment deals this year, including Equity Residential‘s sale of its Northampton Apartments in Largo for $94.6 million, but the pace of that activity slumped over the summer. – Washington Business Journal
Maybe Bozzutto should reconsider dumping all these properties since Prince George’s County officials approved a $1.5 million subsidy package that will keep the headquarters of homebuilder Bozzuto Group and about 280 employees in the county. I understand the county’s reasoning; we can’t afford to lose those 280 jobs. The Bozzuttos had been totally turned off by dealing with former County Executive Jack Johnson. So in swooped County Executive Baker with a deal that includes a $500,000 payment to the company that will not need to be paid back so long as Bozzuto maintains at least 284 jobs in the county, spends $6.2 million building out its new headquarters and uses small or minority-owned county businesses for at least 20 percent of the work.
The Washington Post reported: Bozzuto will also be awarded $1.1 million in grants for the St. Paul apartments. David S. Iannucci, a top Baker economic development aide, said Bozzuto would receive a $513,000 payment in lieu of taxes and another $500,000 in Community Development Block Grant money for the complex on Addison Road. Bozzuto has agreed to lease space at 7850 Walker Dr. and will move there in July of next year. Iannucci also pointed out that Bozzuto continues to do business in the county; in May Bozzuto and the Peterson Cos.broke ground on the first apartment building at the National Harbor, a $70 million, 262-unit tower called the Esplanade. It is expected to be completed in 2015.
President Obama will travel to Prince George’s Community College in Largo, Md. on Thursday, September 26th a to speak on the Patient Protection and Affordable Care Act (aka Obamacare) that has been embraced by state officials. The appearance comes days before health insurance exchanges are set to open for businesss. These exchanges will start accepting enrollees Oct. 1. Maryland Gov. Martin O’Malley‘s administration has been among the most aggressive in the nation creating marketplaces that many will use to buy health insurance. “Maryland has been a leader in implementing the benefits and protections of the Affordable Care Act, holding insurance companies accountable and ensuring consumers have the knowledge they need to choose the plan that best fits them,” an official from the administration stated.
MGM National Harbor revealed architect’s renderings and video animation of the its vision for the destination resort it plans to build in Prince George’s County. MGM Resorts International Chairman and CEO Jim Murren said about the plans, “Knowing our resort will be the first representation of Maryland many visitors see crossing the Woodrow Wilson Bridge, we designed something striking and beautiful, respectful of the opportunity to create an iconic gateway to Maryland.”
The resort will be on a hill on a stepped pedestal with panoramic views of the Potomac River and Washington, D.C. monumnents, according to MGM. “The pedestal is terraced into the landscape to incorporate a ninety-foot elevation change from the southwestern edge to the northeastern edge of the site, and gracefully move the eye from harbor level to the top of the plinth, creating a sense of respectful monumentality,” said MGM officials in a press release on Wednesday.
MGM’s plan places the resort at one end of the National Harbor mixed-use development. The “siting and internal organization” was inspired by the Pierre Charles L’Enfant’s original 1791 plan for the layout of Washington, D.C., according to MGM. The high-rise hotel rises from the resort pedestal and a roof “made of a sleekly engineered, wing-like sheath, that appears to float over the glass-walled areas below” connects it to the outdoor terrace, explained MGM officials. A skylight runs down the spine of the roof, allowing natural light to filter into the gaming area below during the day and “at night, interior illumination spills out from the casino area, allowing the edges of the roof to glow dramatically,” according to officials. The complex, which would stretch 1,500 feet, would also include a reflecting pool with fountains that could be used for ice-skating in the winter. See the entire presentation HERE.
From the Washington Post, “To pick a site, a state commission plans to visit three locations in Prince George’s next month: National Harbor, Rosecroft Raceway and a vacant parcel in Fort Washington. The commission then plans to hold a series of public hearings to gather input before their selection, possibly by the end of the year. The new casino would be the state’s sixth, and it could open as early as mid-2016.” PGC Blog WILL be at these hearings just for kicks because it is apparent who will be building soon in PGCo.