Washington Business Journal: Bozzuto to Break Ground on National Harbor Apartments

May 07, 2013

The Bozzuto Group and the Peterson Cos. plan to hold a groundbreaking ceremony Wednesday on the Esplanade, the first apartment building to be developed at the National Harbor in Prince George's County.

Bozzuto and Peterson plan to spend about $70 million to develop the building at 250 American Way, which will be built by Bozzuto Construction Co. and managed by Bozzuto Management Co. The 262-unit apartment building is slated for completion in early 2015.

As I reported back in March, Bozzuto and Peterson are hoping to tap into a large demand for rental housing at National Harbor, the 250-acre waterfront site that's home to the Gaylord National Resort and Convention Center and could be the site of a new MGM Resorts casino.

Since it opened, National Harbor has generated more than 3,000 retail, restaurant, hotel and convention center jobs, many of those held by employees that would seek to live close to work. What's more, the new casino, if selected by the Maryland Video Lottery Terminal Location Commission, is expected to generate another 4,000 permanent jobs.