District Government Gives Helping Hand to Capitol Hill Towers

WASHINGTON, DC-Capitol Hill Towers, a proposed apartment and hotel development, has gotten the New Year off to a good start with news that the District has given the official final approval for $10 million in tax increment financing to help facilitate the mixed-use property. New York’s Valhal Corp. is the developer behind the $112 million project.

“The DC administration has placed an important focus on revitalizing Southeast,” Valhal president Sheldon Stein tells GlobeSt.com. “There’s a systemic and long-term problem in urban downtown areas where there are office neighborhoods with no life after dark.” This project falls into place with the District’s larger Anacostia Waterfront Initiative, a grand plan to redevelop and rejuvenate the underutilized area. “It’s important to set an example from an urban planning standpoint,” he adds. “It is much healthier for a community to be mixed use.”