Harboring A Dream

Milton V. Peterson Built More Than A Successful Business. He Built A Legacy That Will Be Remembered For Generations.  

By Raoul Dennis

The county lost a titan in the regional business community May 26 with the passing of Milton V. Peterson, founder of the Peterson Companies and the developer who is possibly best known for creating National Harbor.

The news created tremors across the region when the company tweeted the announcement of Peterson’s passing:

“We are heartbroken to announce that Milt Peterson, founder and chairman of Peterson Cos, visionary real estate developer, philanthropist, and devoted family man has passed away.”

Peterson’s influence in the Washington, D.C. metropolitan area has been one of the most pronounced in the development community. After launching the company in 1965, the spirited entrepreneur went on to build a company that was engaged in a number of the most innovative and lasting retail projects in the region including Silver Spring, National Harbor, Fair Lakes Center and Chesterfield Crossing among others. Further, the Peterson Companies made tremendous strides in commercial and residential development over 50 years. By the time of his passing, Peterson’s personal fortune was estimated to be in excess of $!00 million.

Milt Peterson believed the projects he developed should have personality and he had a robust personality of his own. Those who knew him show excitement when they share stories of Peterson’s passion for the project that became his signature is well documented. He knew then that numbers weren’t enough—he had to sell his vision and he did so with flair.

“I had so many wonderful conversations with him, and his enthusiasm and vision for National Harbor was absolutely contagious among Prince Georgians,” Prince George’s County Executive Angela Alsobrooks tweeted. “He was truly one of a kind and a great friend to Prince George’s County.”

“Rarely do you meet someone equal parts larger-than-life, yet down to earth and reachable.  That was Milt. He was a man whose passion was surpassed only by his vision, and the region is dotted with examples of that vision in action,” said M.H. Jim Estepp, founder and president of the Greater Prince George’s Business Roundtable. Estepp, who served eight years on the Prince George's County Council, remembered when Peterson came to his office to introduce the project.

“The day I first met Milt he walked into my County Council Office with the conceptual drawings of National Harbor under his arm. The project had not been publicly discussed at that point. I sensed immediately that he was someone who was both caring and brilliant,” Estepp recalled.

Prince George’s County Economic Development Corporation President and CEO David Iannucci described the high level of passion and enthusiasm Peterson had for the National Harbor vision in an interview with the Washington Business Journal May 26.

“He was so self-effacing, we saw him as a visionary and he just responded with a joke that he was crazy to be building in the recession,’ Iannucci told Washington Business Journal Reporter Tristan Navera. Steve Proctor of G.S. Proctor & Associates echoed the sentiments of business and political leaders who recognize Peterson’s talent for balancing business savvy, with vision and the right human touch.

“Milt was a good friend and confidant who was highly revered and respected by many as a true legend in the field of real estate. His endurance over five decades can rightfully be accredited to his innate ability to perceive and discern the possibilities and consequences of any given situation. While he may be gone, he has left behind a legacy of excellence that will be remembered for generations to come,” Proctor said.

Peterson, like many successful business icons before him, also pledged a great deal of his fortune toward philanthropy.

“Instrumental in the creation of the Center for Minority Business Development at Prince George’s Community College, Milt Peterson’s genuine appreciation for the value of Prince George’s County, and his contributions, which included molding successful, new business leaders, in our community are incalculable,” says County Council Chairman Calvin S. Hawkins, II.

Though he’ll always be remembered for his work in real estate, his legacy is one of philanthropy and giving, as few can match the more than $100 million in donations that have come from the

Peterson Family Foundation since its inception in 1997.

“Milt Peterson was a true visionary who transformed Prince George’s County and the Washington region with his near limitless creativity, innovation, and sheer determination,” said Council Member At-Large Mel Franklin. “National Harbor is and will always be a lasting tribute to his memory and to all that he and his family contributed to generations in the future. Milt’s infectious personality and relentless optimism will truly be missed. I extend my heartfelt condolences and prayers to the Peterson family, the Peterson Companies, and the National Harbor community.”

The creation of National Harbor and subsequently the introduction of MGM National Harbor introduced a new economic return and commercial tax base unlike any other the county had previously seen since the Washington Football Team came to Prince George’s in 1997.

The success of National Harbor is well established. With over 15 restaurants, nearly 10 hotels and 7,000 residential units, the property may have proved worth the $4 billion price tag. MGM National Harbor alone has been a winning gamble. According to Prince George’s County FY 2022 Proposed Operating Budget, MGM Casino at National Harbor had an impact of $32 million (total sources, including hotel taxes) for FY 2020.

Understandably due to the pandemic, the budget for FY 2021 is nearly $6 million less than in FY 2020. Maryland Lottery and Gaming reports MGM Casino at the National Harbor had a 2020 revenue of $435 million, down $209 million from the previous year due to the three-month pandemic closure of Maryland casinos, and reopening at less than full capacity. MGM Resorts International Inc. closed all its hotels through May 21.

“Milt changed the economic landscape in Prince George’s County,” said Chamber of Commerce President and CEO David Harrington.

To learn more about Milt’s life and legacy, click here: http://petersoncos.com.

Memorial donations may be made to INOVA Life With Cancer or the charity of one’s choice. If you would like to share condolences or a memory of Milt, please email MemoriesOfMilt@PetersonCos.com.