The District Council today approved a
financing project for the 23-acre Southwest Waterfront, providing $198 million in bonds for the waterfront project, a bill that Mayor Adrian Fenty is expected to sign. Under terms of the bill passed unanimously by the the DC Council, the District will issue revenue bonds supported by tax increment financing (TIF), payment in lieu of taxes (PILOT), and special assessments, for improvements that will begin after developers PN Hoffman and Struever Brothers, Eccles & Rouse finish the private portions of the redevelopment.
The Southwest Waterfront Bond Financing Act of 2008 authorizes the Mayor to issue revenue bonds to fund site improvements, with $148m allocated specifically for "development costs" of the project. The remaining $50m is allocated to pay for financing costs incurred by the District. Any funds received in excess of $198 million will be transferred to the District's General Fund. According to the development team, the waterfront project is projected to generate more than $40m in annual tax revenues, with $13.3m contributed to the general fund annually after payment of the debt service.
The land, when fully developed in 2017, is expected to support 2.4 million square feet of development, including 770 residential units, 700,000 s.f . of office space, nearly half a million s.f. of hotel space within three hotels, and 280,000 s.f. of retail. The more public amenities are expected to include new parks, four new piers, a half-mile promenade and bike trail, and renovation of the existing fish market.
The land, when fully developed in 2017, is expected to support 2.4 million square feet of development, including 770 residential units, 700,000 s.f . of office space, nearly half a million s.f. of hotel space within three hotels, and 280,000 s.f. of retail. The more public amenities are expected to include new parks, four new piers, a half-mile promenade and bike trail, and renovation of the existing fish market.
Washington DC retail and real estate development news
5 comments:
the rendering on your post is for the Waterside Mall redevelopment by PN Hoffman etc. (waterfrontdc dot com), which is a different project from the Southwest Waterfront Development by Forest City etc (swdcwaterfront dot com). You might want to swap out the rendering to avoid confusion.
Yes, the rendering and the text are of two different projects. The schematic is of the Waterside development in Southwest. (Isn't that a Metro station depicted in the center, with 4th Street just to the left?) Waterside, however, isn't connected to the Southwest Waterfront development in any way, other than both being located in Southwest.
You guys are correct. The image has been updated.
Thanks for the heads up!
you're welcome. also i noticed that i've probably added to the confusion by incorrectly matching the projects to their developers. Forest City is working on the Waterside Mall; PN Hoffman is in charge of the Southwest Waterfront.
you probably also want to look at the numbers in your article as well. i'm sure there will be more than 770 square feet of office space in this development as well.
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