THE BOZZUTO GROUP ACQUIRES LAND FOR 58-ACRE PLANNED COMMUNITY IN MARYLAND’S HOWARD COUNTY

Shipley’s Grant Will Offer Attractive Town Homes and Condominiums as Well as Retail and Office Elements

Greenbelt, MD...A new mixed-use village will debut in Howard County, Maryland, beginning in 2008: Shipley's Grant.

The Bozzuto Group has acquired the first of two phases for the community’s 58-acre site; 31 acres are included in this initial phase. The purchase price for the acreage in Phase One was approximately $12 million.

Bounded by Snowden River Parkway, Maryland Route 108 and Maryland Route 100, the property was purchased from Deep Run Property Management, LLC. Steve Ferrandi of KLNB brokered the transaction.

The Bozzuto Group will develop 396 town home and condominium residences, including three distinct styles of town homes, within the Shipley’s Grant community. In addition to the residential elements, approximately 40,000 square feet of retail will be introduced on a four-acre parcel to be owned and developed by Bavar Properties Group, LLC, and a 6.6 acre parcel has been reserved for future office development. Of the community’s total 56 acres, more than 18 acres will be preserved as open green space.

Grading for the first phase of residential development, representing 62 town homes, is scheduled to begin in September 2006; first deliveries are expected to start in Spring 2008.

The Shipley’s Grant community takes its name from Adam Shipley, an eighteenth century gentleman who received the first large land grant in what is now Howard County. The site was part of the plot’s original 500 acres. A farmhouse, barn and outbuildings constructed by and belonging to more recent owners are located on a parcel of land adjacent to the site that property will remain separate and distinct. The new homes, however, will take design cues from the farmhouse as well as from historic structures in nearby Ellicott City and Charlottesville, Virginia.

“We are excited about the opportunity to design and develop this new village in an area of the region that is expected to experience key population growth over the next several years,” said Thomas S. Bozzuto, CEO of The Bozzuto Group of companies. “With the anticipated expansion of both Fort Meade and the National Security Agency, and the continued growth of the area’s technology sector, the area’s housing needs are projected to increase dramatically.”

The Bozzuto Group of companies is well represented in the greater Baltimore area. Area developments include Spinnaker Bay, a nationally acclaimed mixed-use community on the waterfront in Baltimore’s Harbor East neighborhood; The Enclave at Ellicott Hills, condominium homes for active adults 55+ in Ellicott City; the Arbors at Arundel Preserve, a new apartment community under development adjacent to Arundel Mills mall in Anne Arundel County; and Woodbrook on Charles, an elegant collection of town homes and single-family homes in North Baltimore.

Established in 1988, The Bozzuto Group is the trade name for a group of affiliated real estate companies active in development, management, homebuilding, landscaping, acquisitions, and construction. With the exception of the homebuilding and acquisitions operations, all provide services for third party owners as well as our own account. The Bozzuto Group’s companies, projects and principals have been recognized with some of the industry’s highest honors, including the national Pillars of the Industry Awards for Multifamily Development Firm of the Year (2003); Property Management Company of the Year (2000; and a finalist for the honor in 2002); and Builder of the Year (1998). Regional honors include Builder of the Year (five times), Environmental Builder of the Year and Environmental Developer of the Year.