Washington Business Journal: The Bozzuto Group Breaks Ground on Alexandria Apartments
September 16, 2013
The Bozzuto Group has broken ground on a $75 million apartment development in Alexandria slated for completion in 2015, the latest in several projects under construction or planned for the area.
Bozzuto and MGL Partners plan to complete construction by spring 2015 on The Frasier, a 249-unit building to be developed at 216 Swann Avenue in the Potomac Yard district. Bozzuto and MGL recently closed on a financing deal for the project with Bank of America and RBS Citizens and broke ground on the development earlier this month.
"We are very pleased that this development is moving forward," Bozzuto Group President Toby Bozzuto said in a statement. "Bank of America and RBS Citizens are great long-term partners. The Frasier will be a significant addition to the Potomac Yard community and we look forward to being a part of the exciting development underway in the Crystal-City-Potomac Yard-Alexandria corridor."
The Frasier is slated to include a 310-space parking garage and amenities including a courtyard and outdoor kitchen, lounge area with fire pit and waterfall feature, a pool and 2,200-square-foot fitness center.
There are a number of planned developments in the Alexandria area, including the Alric apartments that MRP Realty and The JBG Cos. started work on back in March as part of their larger 14-acre The Exchange at Potomac Yard project.
Located just north of Old Town Alexandria, the area is slated to benefit with the addition of a Metro station in late 2016 or early 2017. The area is anchored by the Potomac Yard Center, which includes retailers such as Target, Barnes & Noble and a 16-screen Regal Cinemas.