The Washington Convention and Sports Authority (WCSA) announced today that it has sold all of its $250,000,000 bond offering for construction of the convention center Marriott, removing the final obstacle to building the 1175-room hotel. Preliminary construction began this week, and will last an anticipated 3 and a half years to complete the building, ending in the spring of 2013.
The Marriott project is being headed by Quadrangle Development and Capstone Development, and will help the District compete with National Harbor. With an "A" rating from Standard and Poor's, the WCSA sold the entire $250m bond release authorized by the DC Council on the last day of September. The Authority intends to hold a formal ceremony to mark construction in November.
Washington DC real estate development news