COLLEGE PARK, MD – A vibrant new development is in the works that will dramatically change the southern edge of downtown College Park. The University of Maryland announced plans to redevelop the Quality Inn, and several adjacent businesses, into a grocery-anchored, mixed-use community featuring upscale residences, restaurants and retail.

The project involves collaboration between Bozzuto, Willard Retail, and the University of Maryland College Park Foundation, the entity that will buy the property in early 2017. This $110 million project is a signature piece of the University’s Greater College Park initiative, an ongoing effort to rapidly revitalize the Baltimore Avenue corridor and academic campus.

“We are thrilled to contribute toward this transformative project at the southern gateway to our campus,” said Peter Weiler, Vice President, University Relations and President of the UMCP Foundation. “The strength and retail expertise of our partners, Bozzuto and Willard Retail, will deliver this transformative market-leading community to the City of College Park.”

The project, slated to break ground in 2018, willcreate a town-center atmosphere within steps of the campus, complete with 300 luxury apartments.  Modelled after a similar project that helped invigorate the area around Catholic University in Northeast D.C., this project is designed to make a welcoming atmosphere as visitors arrive on campus via Baltimore Avenue. It will also serve and enhance the amenities available to the community of more than 50,000 students, faculty and staff at UMD.

“We are grateful to have been selected to develop this wonderful project with the University of Maryland College Park Foundation, the University of Maryland, the City of College Park, Prince George’s County, and Willard Retail,” said Toby Bozzuto, President and CEO, Bozzuto. “The combination of our previous experience developing Monroe Street Market with Catholic University and the strength of our partners will make a community to complement the University’s ongoing redevelopment efforts in downtown College Park. This is a rare opportunity to develop a project with transformative potential and we are proud of our stake in this extraordinary collaboration.”

County and city leaders echo the enthusiasm. “I am thrilled to see Bozzuto, one of Prince George’s County’s most vital companies, partner with one of our most vital economic resources, the University of Maryland,” said Prince George’s County Executive Rushern L. Baker, III. “Over the past five years since the arrival of President Wallace Loh, we have seen a transformational change in housing, retail, employment, and transportation options along Baltimore Avenue and in the College Park area. With Bozzuto’s involvement, I have confidence that this premier development will bring quality and vitality to the southern part of College Park, making that area more attractive to new residents, as well as to students, faculty, and staff associated with the University.”

“Remaking Baltimore Avenue as College Park’s walkable main street is a key element of the University District Vision 2020,” said Senator Jim Rosapepe, chair of the College Park City/University Partnership, which drafted the vision that was endorsed by UMD and the city. “This project, focused on residences and a grocery store designed with families and the community in mind, is a huge step forward.”

“With The Hotel at the main gate, and this new project at the southern edge of the city, College Park is now bookended by transformative developments supported by the UMCP Foundation,” said Weiler.  “We are proud to play such an vital role in making a Greater College Park.”

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SAN BERNARDINO, CA – Wells Fargo & Company, a leader in affordable housing, has provided $22.7 million for the construction of affordable multifamily housing in San Bernardino, California. Wells Fargo supplied $8.8 million in construction to 40-year permanent financing through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(d)(4) program, and bought $13.9 million in Low Income Housing Tax Credits.

The development is also part of HUD’s Rental Help Demonstration Program (RAD), which provides the opportunity to convert public housing properties into long-term Section 8 housing.

“Wells Fargo is thrilled to close this new construction loan through HUD’s RAD program, providing more affordable living options for the San Bernardino community,” said Jennifer Quigley, managing director, Wells Fargo Multifamily Capital.

Janine Halverson, a director in Wells Fargo’s Multifamily Capital group, added, “We look forward to partnering with HUD on similar projects to help preserve and improve affordable housing in communities across the country.”

The property, known as Waterman Gardens, is an existing public housing project that is undergoing a multi-phase redevelopment. This particular redevelopment phase consists of 19 one- and two-tale townhomes, and one single-tale maintenance building. The proposed development will replace the 20 existing buildings with 62 units of affordable, garden-style multifamily apartments.

Additional proceeds for this project were provided by local organizations including HOME Investment Partnership Act Funds from the City of San Bernardino and a development loan and ground lease from the Housing Authority of San Bernardino.

“Wells Fargo has a strong commitment to affordable housing across the country and we’re excited to provide the tax credit equity component of this financing to bring affordable housing to San Bernardino residents,” said Paul Buckland, manager, Wells Fargo Community Lending and Investment.

In 2015, Wells Fargo community development lending and investments to support affordable housing, job creation, community services and economic development totaled $7.6 billion (according to 2015 CRA data). For more than 15 years Wells Fargo has been investing in tax credits and is one of the few banks active in both direct and fund equity investments, increasing the opportunity to provide developers with needed capital and to provide individuals and families with much needed affordable housing.

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TEMPE, AZ – Vela, a groundbreaking new apartment community in Tempe, Arizona, opened their office doors on Saturday, May 7, 2016. Residents are expected to start moving into the community in the following weeks. Located on Tempe Town Lake and neighboring a marina, residents have direct waterfront access with a lakefront lifestyle. The community offers luxury studio, one- and two-bedroom apartment homes.

Apartment amenities include quartz countertops, USB charging outlets, kitchen prep islands with pendant lighting, custom built-ins, spa bathrooms with soaking tubs, wood plank style flooring, private store units, and private balconies with lakefront views. Community amenities consist of a golf simulator, fitness center, interior secure bike storage, putting green, lounge with fireplace, TV media area, catering kitchen, dining table gathering space, four pergola grilling stations, resort-style heated pool and spa, cabanas with TVs, synthetic turf gaming areas, outdoor pool table, three courtyards, in addition to WIFI in all common areas.

Vela is steps away from the 1,500 acre Papago Park, the Phoenix Zoo and the Desert Botanical Garden. With simple access to major highways, outdoor recreation, shopping and nightlife at Mill Avenue District, Sky Harbor International Airport and the central business district, Vela provides access to any lifestyle.

Vela is under the management of Lincoln Property Company, the second largest multifamily manager in the United States.

Headquartered in Dallas, TX, Lincoln focuses on real estate investment, construction and development, in addition to property management. Their national reputation has enabled Lincoln to attract a large client base of owners and investors who count on their ability to deliver quality results and continually serve as a market leader.

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