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.