Plans call for the duo to redevelop a portion of an olderindustrial building into a four-story apartment complex that willincorporate such elements as the red brick and expansive windows ofthe building that it is replacing. Also part of the project will be14 stacking town homes, situated in the rear of the development.The mixed-used project is called Wyomissing Square. Launched in theexpectation of revitalizing the town center, it will include31,000-sf of retail, 60,000-sf of office, an 18,000-sf restaurant,and a 135-room Marriott Courtyard hotel on 13.3 acres. Constructionon the apartment building is scheduled to begin this month and willbe completed in early 2010.

Kirk Sykes, president of the Urban Strategy America Fund tellsGlobeSt.com that one of the reasons why the fund has partnered withBozzuto is in part due to its ability to maximize investments insecondary markets. This particular project is well located as it isclose to a 5,000-person hospital and relatively little new supplycoming to market. "There are more than just the typical rent growthand employment growth and strong demand generators behind thisproject," he says. "This project is a significant step in theBorough of Wyomissing's transformation from its industrial rootsinto a banking, manufacturing, and medical-based economy."