$74M in TIF Bonds Sold for Gallery Place Project

WASHINGTON, DC-The District’s $275 million mega shopping center endeavor Gallery Place Project is to benefit from the city’s recent selling of $73.6 million in Tax Increment Financing bonds. Located downtown, the 650,000-sf Gallery Place is being developed by a partnership involving Western Development Corporation and The John Akridge Companies, and will offer housing as well as retail and entertainment properties. The funds acquired through the bonds sales complete the project’s financing package.

“With the sale of TIF bonds for the Gallery Place Project, we continue to see the transformation of our downtown from a center of commerce to a neighborhood that happens to be located in the center of our city Mayor Anthony A. Williams says upon announcing the funding. Gallery Place–with its 192-unit housing complex, 14-screen movie theater, offices, stores and restaurants–is scheduled for completion in the fall of next year.