Thursday, December 21, 2006

DC Council Unanimously Approves $1 Billion "New Town" Plan for Florida Avenue Market


Following up earlier reports, this week the DC Council officially and unanimously approved legislation that would create a public-private partnership between DC and New Town Development LLC to handle and oversee the $1 billion redevelopment of the 24-acre Florida Avenue Market, located to the northwest of Gallaudet University between New York and Florida Avenues NE, just blocks from the New York Avenue metro station. The planned "New Town at Capital City Market" project would put condominiums, retail shops, a hotel, and offices in this location. Up to 40% of the planned 1,700 residential units would be made affordable and available to DC employees, while the remaining 60% will be set aside for DC residents who are first-time buyers. In addition, the developer plans to build a 570,000 sf wholesale distribution space (with hope of luring back displaced vendors who now operate out of the market), plus almost 330,000 sf of retail, restaurant, and merchandising space. Also envisioned is a YMCA building, a health clinic, and library, if DC officials have their way.

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