GlobeSt.com: Bozzuto, Peterson Partner on $89 Million Project
December 14, 2010
Two DC real estate families--the Bozzutos and the Petersons--are teaming up to build an apartment building at the Peterson Cos.' National Harbor mixed-use development. The development costs for the project, which will include 25,000 square feet of retail is $89 million, Toby Bozzuto tells GlobeSt.com.
The project came about when the Petersons reached out to our family earlier this summer, Bozzuto says. "We jumped on the opportunity because National Harbor is an incredible community and because the Petersons have a wonderful reputation." There are no other joint projects under discussion between the two family groups, he says, but both are amendable to the possibility. Bozzuto declined to describe the partnership structure for the current project.
National Harbor already has condos as well as several hotels, including a forthcoming Disney Resort Hotel. Potential tenants for the apartment building would be "for choice" renters, Bozzuto says, such as professionals that work in the area or in nearby Alexandria, VA. Located at the intersection of American Way and Fleet Street, the community will have approximately 350 residences. Construction is expected to begin in fall 2011 with first occupancy expected in 2013.