Washington, D.C.—Financing has been completed and construction begun on The Esplanade at National Harbor, an apartment building to be developed at National Harbor in Washington, D.C. The announcement was made by the two locally based, privately owned development companies involved in the project, Peterson Companies and The Bozzuto Group.
The mixed-use project will feature 262 luxury studios and one- and two-bedroom apartments above 14,400 square feet of street-level retail. Also included will be a 420-space parking garage. The $70 million development will be co-developed by Peterson Companies and Bozzuto Development Company, built by Bozzuto Construction Company and managed by Bozzuto Management Company.
Construction financing was provided by Bank of America and RBS Citizens.
The community is being constructed with the intent of achieving LEED certification from the U.S. Green Building Council (USGBC). A groundbreaking ceremony was held on May 8, and work is expected complete in early 2015.
The five-year-old National Harbor is a 350-acre mixed-use destination community along the Potomac River, and was built by The Peterson Companies. It offers a mix of acclaimed restaurants and stores, entertainment destinations and high-end residences, arrayed in a town-center setting.
Residential options currently include condominiums and townhouses. The Esplanade is to be the first rental community at National Harbor.
Apartment homes will feature granite countertops, Energy Star appliances, energy-efficient gas cooking, high ceilings, oversized windows, large capacity washers/dryers, walk-in closets and, in select floor plans, terraces and patios.
Common-area amenities begin with a two-level courtyard with swimming pool, outdoor kitchen and wine lounge and outdoor social spaces with fire pits and lawn games. They also include a clubhouse, cyber café, billiards table and game room, golf simulator and fitness studio with cardio and strength machines.
The Bozzuto Group’s vision for world-class living at National Harbor mirrors that of Peterson Companies, says Jon Peterson, senior vice president of Peterson Companies. “Residents of The Esplanade will experience luxury living at an exceptional value,” he adds. “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.”
Adds Tom Bozzuto, chairman and CEO of The Bozzuto Group: “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. 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 clearers and a gourmet grocery store.”