At a time when many firms branched into new markets, Bozzuto Construction of Greenbelt, Md., stayed with what it knows best: multifamily residential with a retail component in the Baltimore, District of Columbia and Philadelphia metropolitan and suburban markets. Revenues for 2009 stood at $170 million, up from $143.75 million in 2008.
“We focused on deals that we knew had a high chance of closing, whether it be a deal with a loan from U.S. Housing and Urban Development, with tax credits or developers with a lot of equity,” says Michael A. Schlegel, president of Bozzuto Construction. The company also continued working with nonprofits throughout the boom times, something Schlegel attributes to their staying loyal to his firm.
“This is a time when having a good reputation helps, because owners have a lot of choices,” Schlegel says.
Bozzuto worked on the $25-million, 225-apartment unit The Courts at Huntington Station in Mt. Vernon, Va.; the $60-million, 270-apartment The Fitzgerald at UB Midtown in Baltimore; the $32-million, 116-unit The Views at Clarendon; and the $25-million, 189-apartment unit Riverwalk Rebuild in Conshohocken, Pa. The company signed seven new deals this year, which Schlegel says will keep it in good shape for 2010.
Location: Greenbelt, Md.
Regional Rank: 34
Regional Revenue: $164 million