WASHINGTON, DC - The Peterson Companies and The Bozzuto Group, two D.C. area-based and family-owned development companies, announced today a joint venture that will bring the first apartment community to National Harbor. "We're so pleased to partner with Bozzuto on this new and exciting residential phase at National Harbor," said Milt Peterson, founder and chairman of the Peterson Companies, developer of National Harbor. "Bozzuto's innovative and passionate approach to development is very much in line with our own values and their strength as a developer, builder, and manager is unparalleled in the region. Adding a Bozzuto community to our community is a natural fit."
National Harbor, developed by The Peterson Companies and opened in 2008, is a 300-acre mixed-use destination community set on the banks of the Potomac River, and includes an array of world-class restaurants and retail stores, entertainment options and upscale residences in a town center environment.
The Bozzuto Group, the parent company of six real estate-related service companies, will co-develop, build, and ultimately manage the development, which will be located at the intersection of American Way and Fleet Street, across the street from CVS and the Potomac Gourmet Market, both of which will be open in the next 120 days.
"We are thrilled to partner with The Peterson Companies, one of the most innovative real estate companies in the Washington region, to develop a first-class apartment community in National Harbor's already vibrant and bustling neighborhood," said Tom Bozzuto, CEO of The Bozzuto Group. "The site is a superb location for new development – future residents will be just steps away from a wealth of conveniences including fine dining, recreation, and shopping options, as well as a dry cleaners and a gourmet grocery store."
The community will consist of approximately 350 residences and approximately 25,000 square feet of street-level retail space and will be LEED certified through the U.S. Green Building Council (USGBC). Building amenities will include a pool, fitness center, cyber cafe billiards/gaming room, media room and Zen garden. Construction is expected to commence in Fall 2011 with first occupancy expected in 2013.
National Harbor currently offers condominiums, townhouses, and manor homes as residential options. This new partnership will produce National Harbor's first rental community.
The Peterson Companies and its affiliates have had a major impact on the Washington, D.C. area's real estate development industry since the early 1970's. Based in Fairfax, Virginia, The Peterson Companies is one of the largest privately-owned development companies in the region, a company with vast experience in every aspect of real estate development—acquisition, planning and zoning, community development, building and management.
Headquartered in the Washington, D.C. area, The Bozzuto Group is a fully integrated and diversified residential real estate company providing a broad range of real estate services throughout the Mid-Atlantic and Northeast. The company is committed to providing quality housing for individuals of all income levels, producing everything from luxury homes and apartments to affordable housing solutions. Throughout The Bozzuto Group's more than 22-year history, the firm and its principals have been honored with numerous industry awards and accolades, including having been recognized by the NAHB (National Association of Homebuilders) as the nation's premier apartment development company, and twice as management company of the year.
National Harbor is located just south of the Woodrow Wilson Bridge along the Capital Beltway in Prince George's County, Maryland, just 10 minutes from downtown Washington, D.C. This waterfront community is currently home to six hotels (including the Gaylord National Resort and Convention Center, the largest such facility on the East Coast), nearly 500 residential units, a marina and scores of shops, restaurants and offices. It will eventually be comprised of over 10,000,000 square feet of development and 2,500 residential units.
Source: The Bozzuto Group