The Peterson Cos. opened National Harbor in 2008 with 450 condominium units across three buildings. The Fairfax-based developer went spec a decade ago and bet right, said Principal Jon Peterson, with 95 percent of those units sold by day one.
And then the market turned upside down, and condo construction just about everywhere essentially stopped. Even today, most new condo buildings aren’t larger than 150 units. What developer wants to sit on that kind of inventory if the units don’t sell right away?
Peterson doesn’t expect to be sitting on anything, but it’s betting on the condo market, and National Harbor, in a big way yet again. Given the general lack of for-sale product in the area, the Fairfax-based developer has decided to convert The Haven, a 254-unit multifamily building now under construction in the Prince George’s County waterfront community, from apartments to condos.
“Nowhere along the Beltway can you buy a condominium for $350,000, $400,000 and have all those amenities right at your doorstep, public transportation and seven miles from Washington,” Peterson said.