Waterfront to be 'transformed'

January 16, 2008

By Tom Ramstack - Nearly 16 acres of the District"s Southwest waterfront would be renovated into stores, homes and parks under a $1.1 billion deal announced yesterday between the D.C. government and local developers.

D.C. Mayor Adrian M. Fenty described the planned redevelopment by Hoffman-Struever Waterfront LLC as "a project that transforms the city."

Mr. Fenty proposed legislation yesterday seeking authority for the developers to begin work. The bill also would provide $200 million in public financing for parks, infrastructure, piers and rebuilding of the bulkhead along the Washington Channel of the Potomac River.

The mayor said he thought the D.C. Council would move quickly to approve the legislation.

"All signs are very positive," Mr. Fenty told reporters at the waterfront yesterday.

The Southwest waterfront project is another example of the "you have to spend money to make money" philosophy, he said.

Public financing would fund about 18 percent of the project under Mr. Fenty"s proposal. The money would be repaid by sales and property taxes generated by the retail stores, offices, hotels and residences that the developers plan to build.

If the council approves the legislation, construction would begin in early 2010. The first parts of the renovated site would open for business in 2014.

Source: The Washington Times. View Article.

Back to main News and Info page.