For now NCRC will sublease the space to a yet-to-be-determined restaurateur, but the organization plans to eventually redevelop the building as part of the Anacostia Waterfront Initiative, which will ultimately spearhead the creation of 2 million sf of new housing, retail and cultural and open space in the area. "We are fortunate to have acquired the strategically located Hogates parcel," says NCRC chairman Roderick Heller. "Coupled with our previous acquisition of the Gangplank, this moves us substantially forward in our plans to redevelop the Southwest Waterfront."

Bank of America Community Development Banking is providing financing for the acquisition, as it has on several other District redevelopment projects.