Monday, August 16, 2010

CUA South Campus Redevelopment Advances

As we continue working our way through the twist and turns or ANC5A redevelopment, next on the list is Abdo Development's Brookland/CUA project.  Interestingly enough, as we began to dig in and get updates, CUA must have read out minds and made a release via their website on the projects status.  So rather then duplicate work, and mostly out of sheer laziness, here is the article for you reading pleasure.
"The redevelopment of Catholic University’s South Campus into a vibrant mixed-use, transit-oriented community advances with today’s announcement that Abdo Development has teamed with The Bozzuto Group, a Washington D.C. area-based residential real estate company, and Pritzker Realty Group, a Chicago-based real estate investment company, to finance the project.
“I am so pleased to welcome The Bozzuto Group and Pritzker Realty Group to the partnership that The Catholic University of America initiated earlier with Abdo Development,” said CUA President John H. Garvey.
“The redevelopment of the university’s South Campus — so important to CUA’s long-held goal of transforming the gateway to the heart of our university — has moved another step closer to fruition. These two new partners will bring an added dimension of expertise and resources to the effort, making us even more confident about the positive changes that await CUA and its neighbors.”
Jim Abdo, president and CEO of Abdo Development, said, “We are thrilled to have secured financing for our Catholic University redevelopment project. Through this partnership, we will achieve our vision of creating a new community made up of vibrant residential housing, artist studios and community space, as well as a main street with eclectic, local retail — all just minutes from the emerging 12th Street retail district and three Metro stops from Union Station.”

The multi-phase development is located on five city blocks in Washington, D.C.’s Brookland neighborhood, adjacent to the Brookland-CUA Metrorail station and just three miles north of the U.S. Capitol. The community will ultimately consist of a progressive mix of uses: approximately 720 residential units, 45 townhomes, 83,000 square feet of street-level retail, 15,000 square feet of artist studio space, a 3,000 square-foot community arts center, and 850 parking spaces.
Approved plans also include streetscape and hardscape improvements that will greatly improve the South Campus’s walkability, creating a lively, pedestrian-friendly atmosphere and significantly improving traffic patterns and pedestrian crossings along Michigan Avenue.
“We couldn’t be more delighted to be a part of the team working with Abdo Development and Catholic University to move this tremendous project forward,” said Tom Bozzuto, CEO of The Bozzuto Group. “Jim has created a great project, in a terrific location, and we are honored that he’s asked us to co-develop, build, and ultimately manage the community.”
Penny Pritzker, CEO of Pritzker Realty Group, noted that “The Catholic University South Campus redevelopment project is a prime example of mixed-use, transit-oriented, urban infill development. Coupled with Washington, D.C.’s favorable supply/demand outlook and the nation’s lowest unemployment rate, we are confident that this is a remarkably sound investment. We very much look forward to working with Catholic University, Abdo and Bozzuto to create a dynamic new community for the Brookland neighborhood.”
The development, scheduled to break ground by the end of next year, represents the first equity commitment by the recently-formed $75 million Bozzuto/Pritzker Realty Group joint venture."

Courtesy of  CUA Public Affairs (

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