Real estate services company The Bozzuto Group and development firm MGL Partners have closed financing and broken ground on The Frasier, a $75 million apartment community located in Alexandria’s Potomac Yard.
Comprised of 249 residences, the complex will be located between Route 1 and Mainline Boulevard at 216 Swann Ave., straddling Land Bays H and I in the development.
The complex will include a courtyard with outdoor kitchen, television and games, a lounge area with fire pit and a waterfall feature and an on-site pool. Other amenities will include a 2,200-square-foot fitness and yoga center, a game room, library, E-lounge and demonstration kitchen. The complex will have a 310-space parking garage.
Bozzuto Construction Company expects to have the community completed in spring 2015.
“We are very pleased that this development is moving forward,” said Toby Bozzuto, Bozzuto Group President Toby Bozzuto said in a statement. “… Frasier will be a significant addition to the Potomac Yard community and we look forward to being a part of the exciting development underway in the Crystal City-Potomac Yard-Alexandria corridor.”
In May, MRP Realty and JBG Companies announced the start of construction of the first phase of The Exchange at Potomac Yard, a 14-acre town center within the Potomac Yard development on the east side of Route 1 in Alexandria.
Construction of The Alric, a 323-unit, multi-family apartment development, marked the first part of the town center. Located at 731 Seaton Ave., The Alric will include a mix of one- and two-bedroom residences in two five-story buildings.
Potomac Yard Park, a 21-acre linear park on the eastern edge of the development with numerous amenities, is tentatively planned to open in November.
Obstacles remain in finalizing a plan for a Potomac Yard Metro station, which could open in 2017.
Metro and city planners are dealing with issues related to constructing Alternative B, what is seen as the city and developers’ preferred build option for the station. Those include an encroachment onto National Park Service land and a scenic easement in the north end of the Potomac Greens neighborhood.