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Last Updated ( Friday, 20 July 2012 14:22 )
DATE_FORMAT_LC2=Friday,July 20 2012 12:00:00 am EDT   
JBG Rosenfeld and Bozzuto Buy Land for Retail at Downtown Crown

DowntownCrownWEBRetail at Downtown Crown will include Harris Teeter and L.A. Fitness.Gaithersburg, Md. — JBG Rosenfeld Retail and The Bozzuto Group have closed on the $28 million acquisition of 20 acres of land within the 182-acre Crown mixed-use development in Gaithersburg to build the retail and multifamily project Downtown Crown.

The property will include 260,000 square feet of retail space with 538 apartments. Harris Teeter has pre-leased 53,000 square feet of retail space and LA Fitness signed a 40,000-square-foot lease. The apartment units will be known as The Cadence at Crown, and amenities will include five courtyards, three outdoor kitchens, a pool, fitness center, yoga studio, business center, conference room and media theater.

The first units are slated to open summer 2014. Northwestern Mutual is providing both an equity and a construction and permanent loan for the development of the apartment units. The companies plan to break ground later this summer.

 

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