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Real Estate Weekly – 11/23/12

Remodelers Council presents Awards of Excellence

The Remodelers Council of the Home Builders Association of Maryland presented the winners of its 22th annual Remodeling Award of Excellence competition last week at the Towson Golf and Country Club. The awards program recognizes excellence in remodeling design and craftsmanship, and honors outstanding contributions by individuals and companies in the remodeling industry. An evaluation team consisting of remodeling contractors from around the Baltimore metropolitan area rated all entries. The criteria used to judge the entries included: quality of construction, degree of difficulty, value and cost effectiveness, unique and creative design approach; and sensitivity to existing structure. To see the names and projects of all the winners, go to www.homebuilders.org or www.mdremodelers.org.

Green renovated building in Takoma Park celebrated

Montgomery Housing Partnership, a private nonprofit housing developer, held an open house and ribbon cutting ceremony last week to mark the completion of the $3.2 million green renovation of Edinburgh House in Takoma Park. The 10-story brick building was awarded the first Be SMART multi-family loan for energy efficient upgrades. Those upgrades are expected to yield an ongoing energy savings of 15 percent to 20 percent. Be SMART, administered by the Maryland Department of Housing and Community Development, provides increased comfort, safety and affordability to buildings in Maryland through energy efficiency improvements. Financing is available for the purchase and installation of equipment and materials for energy efficiency items including ENERGY STAR-qualified HVAC systems, insulation, windows, draft stopping and duct sealing, appliances and fixtures, and water heating equipment. Increased energy efficiency translates to significantly lower energy bills for consumers, more comfortable buildings and reduced consumption of fossil fuels.

Host, Hyatt complete joint venture accord

Host Hotels & Resorts Inc., of Bethesda, a lodging real estate investment trust that owns upscale and luxury full-service hotel properties, said it completed a joint venture agreement with an affiliate of Hyatt Hotels Corp. to develop, sell and operate a 131-unit vacation ownership project adjacent to the Hyatt Regency Maui Resort & Spa. Construction is underway, and the project is expected to open in late 2014. Host also announced that it has closed on the sale of its 94.8 percent interest in the Toronto Airport Marriott Hotel, receiving a total of approximately $32.4 million.

PERSONNEL

Bozzuto Management Co. of Greenbelt named Stephanie L. Williams to a newly created position within the company: Senior Vice President of Planning and Advisory Services. Williams will head a team that provides advisory services related to the marketing and management of multifamily properties under development, as well as coordinate due diligence efforts on new management opportunities in the mid-Atlantic and Northeast regions. Williams joined Bozzuto Management Co. in 2004, as a development manager, responsible for expanding market-rate and mixed-income development opportunities, with a principal focus on growing the company’s affordable housing initiative. She holds a Bachelor of Arts in Community and Environmental Planning from University of Washington, Seattle, and a Master of Community Planning from University of Maryland, College Park.

LEASES

Merritt Properties reported a lease signing by Velo Orange LLC, a manufacturer of bicycle parts and accessories. The company leased 7,050 square feet of light manufacturing and distribution space at 1981 Moreland Parkway, Buildings 3 and 4A in the Annapolis Business Park. Merritt’s in-house leasing team of Pat Franklin, Whit Levering, Lou Boeri and Ashley Combs handled the lease negotiations.

 

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