Nov. 9, 2011
The Catholic University of America broke ground this morning on a $200 million mixed-use development named Monroe Street Market during a ceremony on the University's South Campus.
Catholic University has partnered with developer Abdo Development, residential real estate company The Bozzuto Group, and real estate investment company Pritzker Realty Group on the project, which 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.
CUA President John Garvey joined Tom Bozzuto, chairman and CEO of The Bozzuto Group, and Jim Abdo, president and CEO of Abdo Development, at the groundbreaking. Also attending were other representatives of the partnering companies along with D.C. Mayor Vincent Gray, and D.C. Councilmember Harry Thomas, Jr. The groundbreaking took place on the University's campus near the corner of Michigan Avenue, Northeast, D.C., and 7th Street Northeast, where the development project will commence.
The multi-phase development is located on five city blocks in Washington, D.C.'s Brookland neighborhood, adjacent to the Brookland-CUA Metrorail station. The first phase, consisting of 562 residential units, is scheduled for completion in summer 2013.
The project was officially launched in May 2008 when Catholic University announced it had selected Abdo Development as the developer on the project. In August 2010 Abdo Development teamed with The Bozzuto Group and Pritzker Realty Group to finance the project. The University demolished three residential halls to make way for Monroe Street Market in February 2011.
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About The Bozzuto Group Headquartered in the Washington, D.C. area, The Bozzuto Group is a diversified residential real estate company consisting of six integrated companies - Acquisitions, Construction, Development, Homebuilding, Land Development and Property Management - that together provide a broad range of real estate services throughout the Mid-Atlantic and Northeast. The company is committed to providing quality housing for individuals of all income levels, producing everything from luxury homes and apartments to affordable housing solutions.
Throughout The Bozzuto Group's more than 23-year history, the company has developed, acquired and built more than 35,000 homes and apartments, and the firm and its principals have been honored with numerous industry awards and accolades, including having been recognized by the NAHB as the nation's premier apartment development company, and twice as management company of the year. For more information, please visit http://www.bozzuto.com .
About Abdo Development Abdo Development is a District of Columbia development and construction company that specializes in luxury residential and retail development. The firm was incorporated in 1996 by Jim Abdo, its President and CEO. To date, the company has completed over thirty development projects. For more information, please visit http://www.abdo.com .
About Pritzker Realty Group Pritzker Realty Group is an investment vehicle founded by Penny Pritzker. PRG is a value-added investor targeting a broad range of direct equity and debt investments in real estate assets, portfolios, and joint ventures throughout the United States. Since 1991 Pritzker has overseen real estate assets including apartment buildings, office and industrial developments, parking lots, and senior living facilities across the U.S. with a combined value of $5 billion. For more information, please visit http://www.pritzkerrealty.com .
About The Catholic University of America The Catholic University of America, located near the heart of Washington, D.C., is unique as the national University of the Catholic Church in America. Founded in 1887 and chartered by Congress, the University opened as a graduate and research institution. Undergraduate programs were introduced in 1904. Today the private and coeducational campus has approximately 6,870 undergraduate and graduate students enrolled in 12 schools of architecture and planning, arts and sciences, canon law, engineering, law, library and information science, music, nursing, philosophy, professional studies, social service, and theology and religious studies.