WASHINGTON, DC - Peterson Companies and The Bozzuto Group, two D.C. area-based and privately-owned development companies, announced that the joint venture has completed financing and commenced construction on The Esplanade, National Harbor's first rental apartment community. The construction financing was provided by Bank of America and RBS Citizens.
"Our decision to partner with Bozzuto reflects our utmost confidence in their organization, and their vision for world-class living at National Harbor is synonymous with our own," said Jon Peterson, Senior Vice President at Peterson Companies. "Residents of The Esplanade will experience luxury living at an exceptional value. Not only will they enjoy the amenities and benefits of the building, but they'll have the added value of a lively waterfront destination and the 70 retailers and restaurants it has to offer right in their neighborhood."
"We are thrilled to partner with Peterson Companies, one of the dominant real estate companies in the Washington region, to bring a first-class apartment development to National Harbor's already vibrant and bustling community," said Tom Bozzuto , chairman and 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 $70 million community is being co-developed by Peterson Companies and Bozzuto Development Company, built by Bozzuto Construction Company and will be managed by Bozzuto Management Company. Bozzuto has commenced construction and is expected to complete work in early 2015. An official groundbreaking ceremony will be held on May 8, 2013.
Residences will be available in studio, one-, and two-bedroom floor plans, and will include granite countertops, Energy Star appliances, energy efficient gas cooking, high ceilings and oversized windows, large capacity washers and dryers, walk-in closets, as well as terraces and patios in select floor plans.
Community amenities will include a clubhouse, cyber cafe, billiards table and game room; golf simulator, fitness studio with cardio and strength equipment; two-level courtyard with swimming pool, outdoor kitchen and wine lounge; as well as outdoor social spaces with fire pits and lawn games.
The community is being built to achieve LEED certification from the U.S. Green Building Council (USGBC).
National Harbor, developed by The Peterson Companies and opened in 2008, is a 350-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. National Harbor currently offers condominiums and townhouses as residential options. The Esplanade will be National Harbor's first rental community.
The Esplanade is located at the intersection of American Way and Fleet Street, across the street from CVS and the Potomac Gourmet Market.