Bozzuto, MGL Partners Begin $75M Apt Construction in Alexandria
The Frasier to Provide 249 New Residences to the Potomac Yard District
September 17, 2013
Financing is in place and ground has been broken on The Frasier, a $75 million transit-oriented community in Alexandria, VA, just across the Potomac River from Washington, D.C.
The Bozzuto Group, based in Greenbelt, MD, and MGL Partners, a Denver-based development company, began working on the 249-unit project in the Potomac Yards this month with their builder, Bozzuto Construction Co.
The project located along U.S. Route 1 north of Old Town Alexandria, is scheduled for completion in spring 2015.
The financing consists of a construction loan provided by Bank of America and RBS Citizens, and equity provided by The Bozzuto Group and MGL Partners.
"We look forward to being a part of the exciting development under way in the Crystal City-Potomac Yard-Alexandria corridor," said Toby Bozzuto, president, The Bozzuto Group.
The apartments will be close to shopping and other service, including the nearby Potomac Yard Center, anchored by a fresh grocery Target, plus Barnes & Noble, PetSmart, Starbucks, Hops Restaurant Bar and Brewery, Marino's Pizza, and a 16-screen Regal Cinemas.
The TOD will be further enhanced by the Potomac Yard Metro Station, planned for completion in 2016-2017.