X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WYOMISSING, PA-The groundbreaking of a mixed-use development here kicked off with the contribution of $2.5 million in state funds. The Urban Strategy America Fund, a New Boston real estate investment fund and the Washington, DC area Bozzuto Group are partnering to develop the apartment portion of the project, which includes the redevelopment of a former industrial warehouse into a mixed-use community with apartments, retail, office space and a hotel, which will be located in a class A, mixed-use urban community currently under development.

The public sector contribution to the project–while relatively small compared to the overall costs–was a welcome and surprising development, at least for this stage of the project, Kirk Sykes, president of the Urban Strategy America Fund tells GlobeSt.com. “We usually don’t begin a project with that kind of commitment.” It is more typical for public or gap financing to be contributed later in the project, he says. “It is great when it happens at this stage because it increases the returns of the project.”

One reason why the state economic development agency is participating, Sykes explains is that the project includes a rehab of an older industrial building. Also demand for new housing is significant in this area of the Commonwealth. The project will transform the industrial building into a four-story apartment complex by incorporating such elements as the red brick and expansive windows of the building that it is replacing. Also part of the project will be 14 stacking town homes in the rear of the development. The mixed-used project is called Wyomissing Square, which includes 31,000-sf of retail, 60,000-sf of office, an 18,000-sf restaurant, and a 135-room Marriott Courtyard hotel on 13.3 acres. Construction on the apartment building will be completed in early 2010.

Toby Bozzuto, principal with the Bozzuto Group tells GlobeSt.com that the firm is looking to build beyond its Maryland-DC-Virginia stronghold. “The Washington MSA is an extremely competitive market and we continue to do the vast majority of business here but we also recognize opportunities in Pennsylvania that aren’t quite on everyone’s radar screen.” The Pennsylvania multifamily market, he says, has good fundamentals worth investing in.

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

Once you are an ALM digital member, you’ll receive:

  • 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.