National Harbor Visionary, DMV Real Estate Tycoon Dies: Report

OXON HILL, MD — Business leaders announced that Milt Peterson, a Washington-area real estate developer, died Wednesday at age 85. His family did not mention a cause of death.

Peterson was the founder and chairman of Peterson Companies, which built several towns around the Washington area. The business was the mastermind behind Downtown Silver Spring as well as Virginia's planned communities of Burke Centre and Fair Lakes.

The company was best known, however, for constructing National Harbor in Oxon Hill. Several brokers previously tried to groom the forgotten land, but Peterson was the only successful one.

"He looked at a worn out sand and gravel pit on the Potomac River, and transformed it into an internationally recognized destination," the Prince George's County Economic Development Corporation said in a press release. "He stepped in where many others before him had failed, and made National Harbor a reality ... Prince George's County is a better place because of Milt Peterson."

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National Harbor now welcomes 28 million annual visitors, and it is home to more than 2,000 residents. The mixed-use development has 160 stores and 40 restaurants. It is dotted with name brands like Tanger Outlets, MGM National Harbor Resort & Casino and Gaylord National Resort & Convention Center.

"Milt Peterson was a true visionary who transformed Prince George’s County and the Washington region with his near limitless creativity," Prince George’s County Council Member At-Large Mel Franklin added in a statement. "National Harbor is and will always be a lasting tribute to his memory."

Prince George's County Executive Angela Alsobrooks reflected on her conversations with the tycoon. She said Peterson "worked relentlessly" to see National Harbor to completion.

"His enthusiasm and vision for National Harbor was absolutely contagious among Prince Georgians," Alsobrooks tweeted. "He was truly one of a kind and a great friend to Prince George’s County."

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Peterson and his wife Carolyn also founded the Peterson Family Foundation in 1997. The charitable organization has invested more than $100 million in schools, health care, social services and religious groups across the DMV.

"Though Milt may be gone, the values he instilled of integrity, trust, and respect will live on and guide all of us going forward," Peterson Companies wrote on Facebook.

The business asked locals to share their memories of Peterson by emailing MemoriesOfMilt@Petersoncos.com. Residents can read his full biography at this link.

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