Construction on the National Association of Broadcasters' new homebase in Washington, D.C., officially kicked off Monday with a ceremonial groundbreaking at the site.

NAB CEO Gordon Smith and D.C. Mayor Muriel Bowser were among the dignitaries on hand for the event. The 10-story building is being erected at the corner of M and South Capitol streets SE, placing it roughly a block north of Nationals Park.

The $58 million-revenue association currently is located at 1771 N St. NW near Dupont Circle. NAB will sell the existing headquarters to help finance the new building.

Construction on NAB's new headquarters is expected to be complete by fall 2018.

National Association of Broadcasters CEO Gordon Smith speaks to the assembled crowd at Monday's groundbreaking for the organization's new headquarters, which is scheduled to be completed in autumn of 2018. (Photos: NAB)

Among the dignitaries who attended the groundbreaking were NAB Joint Board Chair Dave Lougee; Rep. Eleanor Holmes Norton (D-D.C.); D.C. Mayor Muriel Bowser; D.C. Councilmember Charles Allen; Michael Darby, principal, Monument Realty; and Master of Ceremonies Tommy McFly, radio host, 94.7 Fresh FM (CBS Radio).

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