The Housing Opportunities Commission of Montgomery County (HOC), Bozzuto, and EYA recently celebrated the opening of The Laureate, a 268-unit mixed-use community in Rockville, Maryland. Using the county’s Housing Production Fund (HPF), The Laureate is the first new development to open through the financing method that was created to develop high-quality affordable housing.
The HPF established $100 million in March 2021 to provide revolving, low-cost, construction-period financing to HOC’s developments. The Laureate offers studio, one-, two-, and three-bedroom apartments. Of the 268 units, 25% are designated as moderately priced dwelling units for residents earning 50% of the area median income (AMI), and an additional 5% are set aside as workforce units for residents earning 65% AMI.
“It has always been our goal to create sanctuary for our residents, and The Laureate is the perfect example of what can be accomplished when partners, both public and private, come together with a common goal,” says Toby Bozzuto, president and CEO of Bozzuto. “The Laureate is an exceptionally designed community that offers our residents many choices and caters to many lifestyles. The thought and consideration given to the design, materials, and amenities speak to a sense of pride that all residents in this community will share.”
Ground-floor amenities span over 10,800 square feet and include a fitness studio, a courtyard pool, a multipurpose creative studio, a state-of-the-art clubroom, a children's playroom, and a pet spa. The community also features over 23,000 square feet of ground-level retail, 9,600 square feet of outdoor courtyard space, and almost 7,400 square feet of office space.
“HOC is committed to the development of vibrant, diverse, mixed-income communities in Montgomery County," states Chelsea Andrews, executive director of HOC. “This partnership has resulted in a high-quality, high-caliber, and beautifully designed community that offers a resort-like living experience that all residents will be proud to call home.”
The community’s theme and name are inspired by Maryland's poet laureates, including Grace Cavalieri, Maryland’s current poet laureate, who recited an original poem written for the grand opening event, and Lucille Clifton, the second woman and first African-American person to hold the esteemed position. The community's amenities reflect their colorful and rich poetry with settings that inspire connection among residents.
“The Laureate is the latest phase in EYA’s Westside at Shady Grove Metro community, and we are incredibly proud of the design, amenities, and lifestyle our partnership has infused into The Laureate. Residents will enjoy the neighborhood’s ’Life within walking distance’ and the incredible connectivity afforded by our proximity to the Shady Grove Metro and the region’s major employment and transportation corridors,” says McLean Quinn, president and CEO of EYA.