NAI Michael Cos. has officially begun construction on the highly anticipated South Lake development in Bowie, Maryland. This expansive mixed-use project, valued at $1.3 billion, was recently reported by the Washington Business Journal and is expected to be a major economic driver for the region.
Spanning 3.6 million square feet, South Lake will feature a diverse range of offerings including 1,600 residential units and a $400 million commercial component known as South Lake Marketplace. Located adjacent to Liberty Sports Park – which attracts an impressive annual attendance of 344,000 visitors – this development is poised to become a thriving hub for both residents and visitors alike.
South Lake Marketplace will boast several notable tenants such as Giant supermarket chain and two hotels along with an indoor sports facility that will cater to various athletic activities. Construction on the first hotel – Home2 Suites by Hilton – is set to commence soon with plans for full marketplace completion by mid-2026.
To support this ambitious project’s infrastructure needs, South Lake has secured $32.6 million in tax increment-financed county bonds issued back in 2019 while also receiving additional funding from Maryland’s state government totaling $15 million towards Liberty Sports Park’s enhancement efforts.
In summary: NAI Michael Cos’ groundbreaking work on their new MXU development in Bowie marks an exciting milestone for both local residents and businesses alike as they eagerly anticipate its completion within just under five years from now.
