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Articles
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| Hoffman-Struever to redevelop Southwest waterfront |
VOICE writes, "BY BEN WEINSTEIN
Mayor Adrian Fenty announced today that the city reached a $1.1 billion agreement to redevelop part of the Southwest Waterfront in hopes of making it a regional destination.
Fenty will ask the D.C. Council to authorize giving Hoffman-Struever Waterfront LLC $200 million in financing and about 16 acres of waterfront land for the project, which last year was estimated to cost $800 million.
The redevelopment plan, for the area between the 14th Street Bridge and P Street SW, includes new public parks, recreational facilities, a promenade, retail and office space, a hotel and cultural attractions.
“This project has been promised to the residents of Southwest and the rest of the District for years,” Fenty said in a news release. “I am proud to say we've reached a true milestone today that will make this project a reality.”
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In September, Hoffman-Struever, a partnership between developers PN Hoffman and Struever Bros. Eccles & Rouse, said the project could include a maritime museum, a canal through East Potomac Park, a town square, water-transportation piers, an aquarium and a public fishing pier or beach. The developer also plans to renovate the historic fish market on Maine Avenue.
The $200 million, to come from tax increment financing and payment-in-lieu-of-taxes, will pay for five new parks, piers, infrastructure and a retaining wall along the Washington Channel.
Fenty’s office estimated that the 47-acre project will generate about $32 million in taxes per year, “about $27 million more than what the site is currently producing,” according to the release, which also says the project will create about 2,880 new jobs.
The plan will create 767 new housing units, with 30 percent set aside for affordable units, 400,000 square feet of office space and 280,000 square feet of retail space. The mayor’s release says nine buildings will meet the Leadership in Energy and Environmental Design silver environmental-building standards.
Construction could begin by early 2010, according to Fenty.
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Posted on Jan 19, 2008 08:59am.
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