National Harbor, the 300-acre multi-use waterfront, Pleasantville-wannabe development on the shores of the Potomac River in Prince George's County, Maryland, is set to receive its first apartment building in the nearish future. With an expected late-2011 groundbreaking and 2013 delivery, the recently-announced project will see 350 new apartments atop 25,000 s.f. of ground-floor retail courtesy of Bozzuto Group. The Peterson Companies, which originally spawned the concept of National Harbor, and has seen nearly 75% of its 400 current condominiums sold, 40% of its 46 townhomes sold, and four manor homes sold, not to mention the construction and opening of the Gaylord National Resort & Convention Center as well as a plethora of neatly packaged retail. Peterson contacted Bozzuto over the summer about bringing the “fourth residential food group" (i.e. apartments) this to the development site. With the market steadying, and long-held dreams of building at National Harbor, Bozzuto gladly accepted the offer.
For those who wonder what kind of soulless creatures would seek shelter in a cookie-cutter concrete jungle so vanilla and seemingly void of authenticity; first, lose the self-righteousness and nauseating alliteration, and second, you're apparently not alone. Residential population remains only around 500, with condo sales slow after a fast start out of the gate in 2007. However, swaths of convention-goers keeps the area feeling busy.
While it might not be the most environmentally-friendly operation, or beacon of smart-growth development innovation, it's hard to argue with the market, as the project continues to line up a healthy list of big-name suitors, pack its convention center and hotels with corporate conferences, as well as keep residential sales relatively steady.
Prince George's County, MD Real Estate Development News