mixed-use

|

The public sector contribution to the project--while relativelysmall compared to the overall costs--was a welcome and surprisingdevelopment, at least for this stage of the project, Kirk Sykes,president of the Urban Strategy America Fund tells GlobeSt.com. "Weusually don't begin a project with that kind of commitment." It ismore typical for public or gap financing to be contributed later inthe project, he says. "It is great when it happens at this stagebecause it increases the returns of the project."

|

One reason why the state economic development agency isparticipating, Sykes explains is that the project includes a rehabof an older industrial building. Also demand for new housing issignificant in this area of the Commonwealth. The project willtransform the industrial building into a four-story apartmentcomplex by incorporating such elements as the red brick andexpansive windows of the building that it is replacing. Also partof the project will be 14 stacking town homes in the rear of thedevelopment. The mixed-used project is called Wyomissing Square,which includes 31,000-sf of retail, 60,000-sf of office, an18,000-sf restaurant, and a 135-room Marriott Courtyard hotel on13.3 acres. Construction on the apartment building will becompleted in early 2010.

|

Toby Bozzuto, principal with the Bozzuto Group tells GlobeSt.comthat the firm is looking to build beyond its Maryland-DC-Virginiastronghold. "The Washington MSA is an extremely competitive marketand we continue to do the vast majority of business here but wealso recognize opportunities in Pennsylvania that aren't quite oneveryone's radar screen." The Pennsylvania multifamily market, hesays, has good fundamentals worth investing in.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.