WASHINGTON, May 8, 2013 /PRNewswire/ -- Peterson Companies and The Bozzuto Group, two D.C. area-based and privately-owned development companies, announced today 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. For more information, visit http://www.bozzuto.com/apartments/communities/329-the-esplanade-at-national-harbor.
About Peterson Companies
Peterson Companies is one of the largest privately-owned real estate development companies in the Washington, DC region and offers fully-integrated development and management services for commercial, office, residential and retail real estate. The company has developed, managed and leased more than 30,000 residential units and is responsible for some of the most prominent and successful mixed-use, residential and office developments in Northern Virginia and Maryland including National Harbor, Virginia Gateway, Downtown Silver Spring, Washingtonian Center, Fairfax Corner, Fair Lakes, Burke Centre and Tysons McLean Office Park. Founded by Milt Peterson over 30 years ago, the company has an extensive two million square foot development pipeline throughout the Washington DC region. For more information about the company please visit www.PetersonCos.com.
About The Bozzuto Group
Headquartered in the Washington, D.C. area, and celebrating its 25th year in business, The Bozzuto Group is a diversified residential real estate company that provides a broad range of real estate services throughout the Mid-Atlantic and Northeast. The company's areas of expertise lie in homebuilding and multifamily development, as well as construction and property management both for its affiliate companies and their clients. The National Association of Home Builders has recognized Bozzuto as the nation's premier apartment development company and twice as management company of the year.
Throughout The Bozzuto Group's 25-year history, the company has developed, acquired and built more than 35,000 homes and apartments and currently manages nearly 40,000 apartment units spread along the Atlantic Coast between Northern Virginia and Boston. The company is committed to providing quality housing for individuals of all income levels, producing and managing everything from luxury homes and apartments to affordable housing solutions. For more information, please visit www.bozzuto.com.
About National Harbor
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 600 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. For more information, please visit www.nationalharbor.com.
SOURCE The Bozzuto Group