Opportunity amidst challenges
Fortune smiled on The Bozzuto Group in this economic downturn. The company not only had no projects scheduled to start in 2009, its subsidiary Bozzuto Management Company took home the Pillars of the Industry Property Management Company of the Year award last March, in the midst of an economy that allows little else in the way of adding value.
"I guess we just got lucky to have a number of projects under construction that started in 2008 and we have projects in our pipeline that we are hoping we will start in 2010," The Bozzuto Group CEO Tom Bozzuto said in an April interview.
"And that is really fortunate because I'm not sitting here beating my head on the ground because I can't get financing," he said of the serendipitous timing of the company's development pipeline for its own account.
It is in the management arena and third-party construction business that The Bozzuto Group, which is made up of six subsidiary companies, expects to thrive in this current recession, said the CEO, a fan of Winston Churchill, who once said that a pessimist sees the difficulty in every opportunity, while an optimist sees the opportunity in every difficulty.
"In this economic climate, where property values have declined because of the changes in the capital
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