Tuesday, July 8, 2008

SW Waterfront to Receive Public Financing

According to this article from the Washington Business Journal, the DC Council last week approved $198 million in bonds for infrastructure improvements in order to redevelop the Southwest Waterfront. From the article: "The project, planned by D.C. condo builder PN Hoffman, Inc. and Baltimore-based Struever Bros. Eccles & Rouse, could create 770 housing units, 700,000 square feet of offices, three hotels, 280,000 square feet of retail and 150,000 square feet of cultural attractions, as well as parks and four new piers." This $1.5 billion project will dramatically change the waterfront, which currently consists of redundant streets, warehouse-like buildings that house nightclubs H2O and Zanzibar, as well as the Fish Market, cruise boats, a marina, and a few restaurants. The bill to provide the bonds must still pass 2nd reading by the Council. In addition, the Council will have to approve the sale of land along the waterfront to the development team.

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