National Harbor, the mixed-use development that became an overnight success continues to diversify and expand with the addition of a brand-new apartment project.
The Bozzuto Group and The Peterson Companies teamed up to announce in late 2010, plans to develop an apartment building at the $4 Billion National Harbor along the Potomac River in Prince George's county. Now more details of the project have surfaced.
Not swayed by the housing crash, Greenbelt-based Bozzutto continues to find development opportunities in markets that others have shied away from, however Bozutto has strategically gained the rights to develop in areas where the housing demands were previously unmet. With a dearth of developments within the area, Bozzutto's Fitzgerald apartment/retail project was one of the few to break ground in the City of Baltimore after the fallout in the housing market. The $77 Million public-private partnership between Bozzuto and the University of Baltimore has been met with great fanfare for adding vitality to an area that has seen little in new development.
The fast-growing National Harbor is a different story than the one in Baltimore but still underlines Bozzuto as a pioneer in new territory. Now along with its partner Fairfax-based The Peterson Companies, people that want to rent but not own a property get a chance to live at the water-front expanse.
The Peterson Companies which owns and is developing the majority of National Harbor has continuously introduced what seems to be a non-stop line of projects and events.
The new apartments -- to be called, The Esplanade at National Harbor -- is just the latest at one of largest private developments in the nation. 371 apartment units are planned with a mix of 11% Studios, 40% one bedrooms, 9%, one bedroom with den, 38% two bedrooms, and 2% three bedrooms.
The four story structure is expected to cost $90 million and also include 23,000 square feet of ground level retail, which should be quickly leased considering the track record at the premier retail destination. 12,000 square feet of amenity space will be featured at the luxury apartment complex including a cyber café, media room, conference room, great room and golf simulator. Not to forget a Pool, 1.5 acres of landscaped courtyards and horseshoes for play. The Esplanade at National Harbor will even include a floating fitness center and bocce ball courts. Pricing for rent is expected to average $1,940.
National Harbor's newest residential addition is going to be constructed in a central location along American Way and is expected to be completed by early 2013.