Monday, February 18, 2008
Commerce Comes to Georgetown
Thursday, February 14, 2008
Clark Wins Poplar Point
Labels: Anacostia River, Clark Realty, Mayor Adrian Fenty
Mayor Fenty announced this morning that Clark Realty Capital was chosen as the developer for Poplar Point - 110 acres of undeveloped land with a full mile of Anacostia waterfront, sitting just across from the new baseball stadium. Development of Poplar Point is the key to the District's $10 billion, with a "b", Anacostia Waterfront Initiative.
The District began the process with a solicitation last August, bids were due by last November. According to the District, it sought development teams based "on their vision, qualifications, financial capacity, and commitment to community engagement." The District and Clark still have an uphill battle to get the land secured; it is still owned by the federal government and transfer depends on a suitable environmental impact study. The final plan will include a 70-acre park, a "hub for businesses" and an assortment of mixed used development in an area the District has called "underused and isolated." Clark's plan included a bridge over I-295 to make the park accessible to pedestrians from Anacostia.
Clark Realty is based in Arlington, Virginia, and offers a broad range of real estate development, management and financing services. Mayor Fenty called the project "the largest economic development project the District has ever embarked on and we are making investment where it is needed most - East of the River."
Industry Insight: Armond Spikell of Roadside Development
Wednesday, February 13, 2008
Allegro says: Arrivaderci Condos
Labels: Columbia Heights, Harkins Builders, Metro Properties
According to Jeremy Rubenstein, CEO of Metro Properties, the firm had finished their sales for the initial phase back in July, "right before the worst part of the instability of the housing market hit." MP had planned to resume condo sales this spring. "It actually has been an enormously successful condo sales program," Rubenstein said, adding "we reasonably suspected it would continue to be successful, but we looked at the risk in the financial environment and the uncertainty that many of our purchasers faced if sales did not meet our hopes and expectations. The rental market is tremendous in that location, and we decided it was the best choice for the area...we had been mulling it over for the past couple months. We're tremendously excited about this. We decided that our purchasers and our firm would be far better off."
Rubenstein expects that the entire building will be converted to apartments, and that Metro Properties will not keep any of the original purchasers as condo owners. Rubenstein predicts that its unlikely that leasing agents will have any trouble unloading the metal panel and brick apartment building with its nine foot ceilings, large balconies, hardwood floors, and underground parking. For the truly discerning, Allegro will have 62 two-level penthouse units with gigantic private outdoor roof decks, and interior apartments that face a courtyard with a reflecting pool. If all of that isn't enough, the largest retail project in DC history will be opening its doors in March, just 1000 feet from Allegro, offering tenants an assortment of shopping choices...and a Target.
The Allegro site is on the location of the old Giant Supermarket and surrounding parking lot, which was bulldozed in 2006 to make way for the new building. Metro Properties purchased the whole site in three phases, buying the Giant lot in June of 2006, and acquiring the two supplementary sites the next month. Marriottsville Construction, LLC, an affiliate of Harkins Builders, expects to complete construction by the fall of this year (construction photo at bottom).
Washington DC real estate development news
Tenley/Janney - More Controversy Over RFP
The site will house a new library (rendering pictured), and Janney School needs a renovation and expansion pronto, so the RFP sought a builder that could quickly provide both. In exchange for their public contributions, the developer would be allowed to add another element to the library site, presumably housing, to make it worth their while. The Office of Planning and Economic Development received three bids by the January 4th deadline, with LCOR, Roadside Development, and the See Forever Foundation responding to the RFP. Now comes the wrinkle.
The Office of Planning, no doubt for reasons wholesome and honorable, changed the scope of the bid requirements on February 1st, dividing the site into two separate proposals, forbidding housing to be added to the library site on Wisconsin Avenue, and opening the possibility that housing be built on the same lot as the school. The amendment disqualified all submissions that do not meet the revised qualifications. According to the RFP addenda: "Any proposal that include (sic) a development program that integrates the Library within the larger redevelopment footprint will no longer be considered responsive."
DMPED notified two of the three certified developers of the change, requesting they re-submit their bids with solely the Janney school in scope. Although this does not take the residential aspect completely off the table, it does make things rather difficult, leaving bidders to work with only half of the site, with the possibility of condos on the same lot as the school. Sources claim that the new wording could allow for residential to be built above the library, such as cantilevering a residential structure to hang over the library, technically conforming to the new RFP.
Ross Little, Development Director at LCOR, told DCMud "It's clear that the Deputy Mayor's Office is trying to take full and proper analysis of the neighborhood's concerns." Charitable intentions and diplomacy notwithstanding, District officials are giving the initial developers two weeks to submit their reconfigured bids, a daunting task for a complex plan to hang 100 condo units from an offset core over a $16 million library. Speculators suppose that this change will in fact expedite the fruition of the new library, much sought by some members of the neighborhood, since that half of the project is fully funded by the city, which will cough up roughly $16 million to build it. The library site is being excavated now and construction is scheduled to finish in late 2009; all the books and pencil-sharpeners should be ready for a 2010 opening.
ANC 3E will be considering the issue at 7:30 PM on Valentines Day at St. Mary’s Church at 42nd and Fessenden Streets, NW. A community meeting will be held on February 28 at the Janney School for the invited respondents to present their plans to the public.
Monday, February 11, 2008
SE to See New Charter School
Labels: Benning Road, Devrouax and Purnell Architects, Forrester Construction, studio 27
KIPP stands for Knowledge Is Power Programs, and is self described as being "a network of free open-enrollment college preparatory public schools in under-resourced communities throughout the United States." KIPP DC is part of the larger national network; the charter school currently operates on four campuses in the District: AIM, LEAP, KEY and WILL academies. The charter school is aiming to reach more kids on their own turf. Real Estate Director Alex Shawe explains: "The simplest answer is that KIPP DC is one of the highest performing public schools in the entire District, and it's important to have a campus that's located near where the majority of our students actually live. And it's also important for those students to have a facility that matches our high expectations of academic performance."
The total plan will create two schools for KIPP, a 56,000 s.f. elementary school which can hold up to 600 students, and the recently approved 29,000 s.f. middle school, which can hold up to 320 studious youngsters. The school's new home is a 51,000 s.f. site which used to house the old Benning supermarket, now demolished. Construction of the new schools is so far privately funded, though it is anticipated that tax exempt bonds will be issued in the Spring to help finance the project. Forrester Construction is building the facilities; KIPP plans to be finished with the entire development by February of 2009.
But don't think that this new school will give your kids a better shot at getting in; KIPP is already at capacity this year. The new campus is going to allow KEY and LEAP academies to move out of their leased space and into a permanent home. KEY, for fifth through eighth graders, currently enrolls 320 students, LEAP will eventually house pre-kindergarten to fourth graders. KIPP claims that in a 2005 Stanford verbal and math test, KIPP students scored in the 92nd and 71st percentiles, respectively; local neighborhood school students scored an worrying 22% and 21%. In that same year, incoming fifth graders scored an average of 31% on a math test; in the Spring those test scores rocketed to 94%.
Saturday, February 09, 2008
Bids Close Today on DC Food Bank Warehouse
Labels: Forrester Construction, Smoot Construction, Turner Construction
CAFB purchased the site in December of 2005 for $10.35 million with a little help from Local Initiatives Support Corporation (LISC) in the form of a $1.5 million loan, and had help from the Department of Housing and Community Development. According to LISC: "The new facility will not only allow CAFB to expand programs now stalled due to space constraints, but will increase efficiencies of product movement, provide additional storage space for both dry and refrigerated food donations, increase truck access through a greater number of varied dock spaces, and install a re-packaging room that will allow them to accept bulk donations. It will also provide much needed administrative space that will allow for improved management of programs and general administration."
MWB has designed a 40-foot tall, 110,000-s.f. distribution center and found a way to use an existing 2-story, 25,000 s.f. office space for CAFB's staff by gutting and renovating its interior. "We will keep the existing masonry on the exterior of the current office and the interior will be maintained and restored, keeping a majority of the existing terrazo floor intact. In the warehouse, the exterior will be clad with metal panels and of course the interior will be concrete slab equipped with a racking system to store the foodstuffs," said Andre Banks, principal at McDonald Williams Banks.
The total project will entail 145,000 s.f. of renovation and new construction; an estimate puts a price tag at around $25 million.
CAFB claims they need the new site because they are outgrowing their old digs at 645 Taylor Street, NE. According to the US Census Bureau, more than 600,000 DC metro-residents are "at risk of, or experiencing hunger." CAFB's old site allowed them to serve about 275,000 local residents, but they're hoping with the larger spaces they can have a more efficient and widespread effect.
"The gist of why we're doing this is that the need is growing. A new facility will enable us to get access to more food, in and out to our member agencies. In addition, we will be able to significantly enhance and increase our outreach programs such as nutrition education, life-skills and empowerment," said Brian Smith, Chief Operating Officer at CAFB. The do-gooders hope to move in to their new facility within the next year.
Friday, February 08, 2008
Mt. Vernon Church-Office to Ascend
The new addition adjacent to Mt. Vernon Square will be sandwiched in between the United Methodist Church at the easternmost corner, and the Henley Park Hotel at the northwestern-most corner - essentially taking up the entire rest of the block. The site is directly across the street from Mt. Vernon Square and the Washington Convention Center.
As with PN Hoffman's 10th and G project nearby, Carr's development will modify an existing historic church; which in Carr's case sits at the triangular intersection between Mass Ave., K and 9th Streets. In exchange for purchasing the church's land, Carr will provide the church with about 32,000 s.f. of space in the new building. Along with getting some tenant space out of the deal, the church also scored a much-needed upgrade package out of Carr and their design firm, the Smith Group. According to John Crump, principal at Smith Group, the hundred-year-old church has seen zero updates since it was built - so architects designed (and Carr funded) the interior renovations, adding elevators to the structure, replacing mechanical and electrical circuits and providing a new slate roof. In addition Carr waterproofed the church, cleaned and restored the facade of the building and blessed the sweltering holy place with the miracle of air conditioning.
All of that for a Class A, "trophy" office building. Totaling 250,000 s.f., the mostly transparent structure will contain four-below ground levels housing a concourse level and 225 parking spaces accessible from 10th Street. Above ground, the building will sit 12 stories high, with the the Mass Ave. elevation stepping back on the ninth floor allowing for roof terraces on floors 9 and 12, as well as upper floors with "floor-to-ceiling windows with 360-degree views," according to Holliday Fenoglio Fowler, L.P., the firm that arranged the $104 million construction loan.
Carr plans for LEED Gold Certification and expects to be completed in the third quarter of 2009.
Wednesday, February 06, 2008
JBG's Peck Site Goes To Final Review
Labels: Arlington, Ballston, Cooper Carry, JBG Companies
Cooper Carry Associates' design plans call for two highrise office buildings totaling roughly 415,000 s.f., a four-story apartment building with 90 affordable housing units and about 28 townhouses. The site plan, as amended by the County, will feature a 10-story office building at the corner of Glebe Road and Wilson Blvd. with 25,000 s.f. of ground floor retail, a 7-story office building mid-block along Glebe Road with roughly 10,000 s.f. of retail, nine townhouses on the east side and the remaining 19 townhouses on the western end of the site. The "U"-shaped apartment building will sit on the southern end of the block, "turning the corner along Wilson Blvd. and the new 9th Street North," according to the current County Staff Report.
Steve Smith, Principal at Cooper Carry, was more eager to discuss the two office buildings than any other aspect of the project: "The 800 building (at the corner of Wilson and Glebe) will have a sweeping glass sail, and the glass curtainwalls follow the movement along Glebe Road. The 900 building (mid-block) also has a floating curtainwall system that mimics the movement of Glebe. [The 900 building] has a great axial view, and the height of the curtainwall crescendos the closer the building gets to the corner of Glebe and Wilson, and that gives it an iconic terminal point. That's the area where you'll see the vast distant views on Wilson. That's the area that's most prominent."
JBG is offering a number of benefits to the community with this project including LEED Certified office buildings (one building gets the gold while one gets the silver), public garage parking and an open plaza with outdoor seating, and pathways to connect the two buildings.
A rough estimate puts the onset of construction in the second quarter of this year.
Douglas's Takoma Park Apartments Approved
Labels: Douglas Development, GTM Architects, new apartments, Takoma Park
The 102,000-s.f. site sits in the middle of a block bounded by Maple, Willow and Carroll Streets and Sandy Spring Rd. NW; the future buildings will run parallel to Maple and Willow Streets, fronting Maple for 420 feet and Willow for 407 feet. The site is now occupied by three single family homes and a parking lot; the rest is vacant. In order to clear the way for the apartment buildings, Douglas will renovate and relocate the three homes to the south side of the site to "reinforce the transition between the existing community and the proposed development," according to the BZA application.
Douglas' now-approved buildings, designed by GTM Architects, are planned to top out at 40 feet, each with roughly 41,000 gross square feet, and each having 38 units - scaled back from the original 55,000-s.f. buildings with 40 units each. Douglas will have its landscapers provide more than 25,000 s.f. of green space on the site and plant a wall of evergreen trees on the north end of the lot - apparently to shield neighbors from views of the large surface parking lots that will dominate the complex. The BZA files describe the project as "incorporat[ing] details from the traditional Washington DC apartment buildings from the early part of the twentieth century. A belt course and decorated cornice line visually reduces the mass...while adding architectural interest to the building facade."
Albeit a few minor bumps regarding a roof stairwell that was a little too high and a little too close to the building's facade, Douglas' project has smoothly sailed through the application process, taking just 18 months from start to finish. The Historic Preservation Review Board, required to approve because the site since it lies in the Takoma Park Historic District, gave their assent in February of 2007, and the Office of Planning gave its benediction on November 5th.
A few neighbors complained of potential "flooding, traffic and street parking, [an] absentee landlord, crowding of existing homes and noise and the loss of green space," but the Office of Planning weighed in, saying that the project would have a "positive impact on the immediate neighborhood."
The project site sits across from the long-awaited Ecco Park condominium project, which SGA Architects had designed and planned for development at 235 Carroll Street, purchasing the site of the former gas station and remediating the soil in 2006, but which has yet to see construction begin despite several predictions of an imminent groundbreaking.
Tuesday, February 05, 2008
Logan Circle Condo Begins Sales Today
Labels: Bonstra Haresign Architects, DC Hampton, Logan Circle, Washington DC real estate
DC's Bonstra Haresign Architects started designing the building back in 2005, having to go through both Historic Preservation Review Board and Board of Zoning Adjustment approval processes. HPRB had jurisdiction because the condo incorporates the historic, 3-story building by John A. Lankford building (on the bottom left of the above diagram) - the architect behind the well known True Reformer Building at 12th & U Streets. The building had functioned as a coal distribution facility almost 100 years ago. Bonstra Haresign incorporated Lankford's structure into the 7- story, 34,700-s.f. project, surrounding and above the existing historic building.
"We are excited about the design of this project as a surprisingly contemporary building incorporating a retained historic structure. A lively composition of masonry and glass forms create a 'collage' of building elements seemingly built over a period of time. The building is topped by an oval shaped rooftop 'beacon' of translucent poly-carbonate that will glow at night" said partner Bill Bonstra.
The building, when complete, will sit on one of DC's few true industrial streets, lined with auto repair garages and warehouses, now converted to swank condos, such as PN Hoffman's Metro and Metropolis Development's The Metropole, both of which flank the newcomer. Look out Georgetown - Logan is quickly becoming the place to be for the hip, the cool....the funkay (insert a James Brown-esque 'Ow' as needed).
"I fell in love with [Church] street - it's just an amazing niche, off-beat street. It was a very industrial area, but with this building we've kept it very modern and industrial looking, and added a personal touch. That's one thing I like about this building, it's designed nicely, it's very modern. It was really cool the way Bill (Bonstra) blended together the modern and historic aspects," said Economakis, Owner and Managing Member of DC Hampton.
SE Developer to Go-it Alone on Robinson Place
District Properties was founded in 2002 by Mohammad Sikder; over the past six years, the firm has matured in the development world from renovating single family homes to developing multi-unit condominiums and apartments. But unlike many development firms who hire outside help for the process, Mohommad likes keeping expertise under his own roof - excepting the tedious subcontracting work. Speaking with DC Mud about his plans for Robinson Place, and his focus on keeping the work in-house, Sikder stated "I have architects, engineers, project managers and assistants. We have acquired the land, designed it and will develop it ourselves. Our whole team works together."
Their plans for Robinson Place call for the two residential buildings on two vacant lots near the intersection of Jaspar Road and Robinson. The condominium will be a 3-story, 17-unit building with 11 two-bedroom and 6 three-bedroom units, on a 19,525 s.f. lot; plans include landscaped areas surrounding the building, 17 surace parking spaces and a brick cladding facade. The apartment building will also be 3 stories but will have one less unit and one less parking space on a 17,500-s.f. lot. Both will top out at 40 feet. The Office of Planning recommended approval on January 8th.
Sunday, February 03, 2008
Eckington Condos: Going Once...Going Twice...
Prices for Todd Place initially began in the low $300's for two-bed, one-bath condos, each fully renovated from a row of pre-war apartment buildings, with parking spaces being auctioned separately. Also on the auction block on the same date will be 4 units at 1609 Isherwood St., NE, in the Hill East community. Homeland Auctions will be conducting the auctions, which conducted the auctions for the Parkside of Alexandria last year.
Friday, February 01, 2008
2300 Pennsylvania Gets DC's OK
Thursday, January 31, 2008
Industry Insight: Bonstra Haresign Architects
Bonstra: I have always had an affinity for construction. As a kid I used to watch the neighborhood houses being built and helped my father with any number of house addition projects that he undertook over the years. I’ve always been able to draw and many people encouraged me to get into architecture while in school. I think I’ve been fortunate, as David has, to never have wavered from the notion of being an architect.
Bonstra: I think one of the appealing things about the profession is the impact that you have on society. What you do is out there for everyone to see; for this reason it can put a lot of pressure on you because there are just as many critics of your work, as we are critical of others. Each building becomes part of the built landscape and in this way takes a special place in history.
Haresign: We don’t really have a style, but we are contextual modernists. The contextual portion of it is really the key - understanding the constraints and the contexts that we work with.
Haresign: I don’t see any difference in design that people are asking from us. There’s an evolution the folks on the fringe who thought it was really cool to be a developer, now are not in the dance anymore.
Haresign: No. I think the freedom and our ability to do good work comes out of client respect and trust in our experience getting projects entitled and built.
Bonstra: You know, the residential market in DC really began to heat up in 1999. Overall it was resurgence in urban living. Along with our multi-family work, we do a lot of commercial work as well, but the cooling of the residential market hasn’t significantly affected our business. Everyone wants to say the residential market is terrible, overbuilt and nobody can get loans, but our population will continue to grow and those people will need somewhere to live.
DC MUD: And we’re still short on housing?
Bonstra: Yes, and we will be short again, exactly.
DC MUD: So you guys are fans of Smart Growth?
In Unison: Yes.
DC MUD: So let's talk about some of the stuff you're working on.
Haresign: We just renovated two 1960’s medical-office buildings which were side by side, called Pershing Court. We used an allowance within the Montgomery County Zoning Code to do the connection, because it was already over the allowable floor area. We now have one set of bathrooms to service two buildings, one elevator that services two buildings. So we increased the amount of sellable area, that helped pay for the glass-bridge connection. It sold out like that (snaps his fingers). And it’s in the middle of Silver Spring; the owners took occupancy in October.
We’re also working in Wheaton, at the Wheaton Metro stop. Where Georgia Avenue and Veirs Mill Road intersect, there’s a triangular site that is currently being used as a metro bus kiss and ride. Bozzuto Homes entered into an agreement with WMATA, who brought in Spaulding and Slye Investments, which is part of Jones Lang LaSalle, to be the commercial development partner. It will be a mixed-use project with retail and office space, and possibly a hotel or residential tower.
DC MUD: What areas will be developed after Wheaton?
Bonstra: David Haresign (laughs).
Bonstra: The list would be pretty long. I have had the opportunity to work with Shalom Baranes and David King; I respect their work enormously. I like Phil Esocoff’s work; I like his attention to detail and his sensibilities of color, surface, and texture. There are any number of good local firms - Cunningham + Quill; they do similar projects. Cox Graae + Spack, a great local firm – led by a classmate of mine, Bill Spack.
DC MUD: Could each of you pick your favorite building in the city?
Bonstra: If I could only do one building, if I could be known for designing a single building, The Tapies (1612 16th St., NW) would be the building. It’s the most unique site, the quirkiest left over piece flanked by tall buildings of another era. I enjoy talking about it all the time; it is such an interesting piece of architecture. It was fun to design; it was fun to work with the client; it’s fun to look at. It will always be memorable for me.
Haresign: One that’s probably the most recognizable is the Capitol One Headquarters (below left, photo courtesy of Ai, now Perkins + Will). That building is designed in a very specific way - as a contextual response with massing and materials on different faces because of its orientation. And then there’s the detail, it’s very finely crafted. The primary curtainwall face is multilayered and curved to express movement along the beltway. The precast concrete on that building has a blue tint to it, and the aggregate is exposed to catch the sun in different times of the day. Other favorites include AOL’s campus and recently completed Parker Flats at Gage School (below right).
DC MUD: For our last question, we'd like to know how Sustainable Design will change the face of architecture.
Wednesday, January 30, 2008
1100 DC Homeowners to Get 'Downzoned'
Labels: Marshall Heights, Office of Planning, Zoning Commission
With their study results in hand, the Office of Planning is petitioning the Zoning Commission to rezone roughly 1,100 properties within an area bounded by East Capitol to the north, Southern Ave to the south, Central Ave to the east and Benning Road to the west. The land mass, which incorporates part of the Marshall Heights community, will be rezoned from the R-5-A Zone District to R-2 or R-3 districts. 'Downzoning,' in official parlance, reduces the size and type of building that can erected without a zoning exemption.
The reason is simple: with the current R-5-A zoning, the number of housing types that can be built is less restrictive, and includes single-family houses and (more significantly) multi-family apartment buildings - the only requirement is that to build the latter, a developer must receive Board of Zoning Adjustment approval. Now however, OP is proposing to restrict potential development in these areas to only single-family detached and semi-detached houses, row houses, churches and public schools.
On November 19, 2007 the Zoning Commission "set the case down" for a public assay; now, zoning has issued a Notice to the Public to attend a hearing on March 3, 2008, where the proposed text amendment will be reviewed. In the arcane mysticism of zoning, once the case is set down, the 'set down' rule goes into effect, forcing developers to act as if the zoning amendment has already taken place.
The reasoning behind this zoning strategy is to restrict future developments in the area to buildings with 'low density character.' Because the area under the study's scope contains many vacant lots, there exists the potential for 'infill development' where developers can squeeze as much square footage out of a given site with the use of multi-family projects. Steingasser's memo cited the District's Comprehensive Plan to sum up OP's point: "Infill development of vacant lots is strongly supported in the District...provided that such development is compatible in scale with its surroundings." Apparently, OP believes that the Marshall Heights area is not compatible with multi-family housing.
In the November 19 hearing, John Moore with the Office of Planning gave this postscript: "There are many, many, many small lots in the Marshall Heights community...where developers are proposing to put four to 12 unit apartment buildings. Often times those sites sit right in the middle of where there are single-family detached houses on most of the block. Obviously that increased density will have an effect on that existing character of the neighborhood." Chairman of the Zoning Commission Anthony Hood responded succinctly, "I think this is a long time coming."And though lower density housing may seem counter-intuitive, OP begs to differ in this case. Because the District lost many residents due to a mass exodus to Prince George's County in search of a lower cost of living, DC planners see the current rezoning strategy as a way to maintain property values and uphold single-family neighborhoods. Steingasser's memo highlights this point: "Whereas the neighborhood lost families to Prince George's County and elsewhere in the past, it may gain families from these areas in the future if it builds appropriately designed housing, provides quality schools and improves public services." One down, two to go.
Saul Centers to Demo Building This Week
Demo-teams arrived on the site yesterday, and began picking apart the old E-Trade building 'by hand.' Full demolition won't begin until Washington Metropolitan Transit Authority gives an official phone call to SCI, approving site work within 50 ft. of their metro tunnel; SCI expects the phone to ring soon, but for now they're content with doing demo work outside the 50 ft. line. Mary Beth Avedesian, the Vice President of Acquisitions & Development at SCI, explained that because the E-Trade building abuts the Leadership Institute building, it makes sense to begin picking apart their connection by hand, so as to avoid damaging the neighboring historic structure. Unfortunately for pyros and those who just really enjoy a good explosion, the building will come down using a high reach demolition unit with a hydraulic crusher that will munch away at the building, bit by bit.
Although the County has yet to give "Excavation, Sheeting and Shoring" permits, which will initiate the start of construction and allow for foundation digging, Saul Centers anticipates that permit in February.
Tuesday, January 29, 2008
Mo' Money for Great Streets
The District will award the funds for mixed-use and retail developments through Tax Increment Financing (TIF), in which the District will issue bonds to be repaid through earmarked property taxes and sales taxes of the subject neighborhood or development. In theory, the funding is revenue-neutral since the bonds are repaid through the excess tax value generated by the improvement, and the project will "pump millions of dollars into some of our most important commercial districts, creating new jobs, better amenities and more vibrant places" according to the Mayor.
Funding requests, due by April 18th, must reference development that will break ground within 24 months of today and complete 30 months thereafter.
Akridge Names Shalom Baranes as Burnham Architect
Labels: Akridge, Burnham Place, Shalom Baranes, Union Station