Search
 

Approvals Spark $2B in Development

WASHINGTON, DC-Approvals will spur more than $2 billion in private investment here. The city council passes three pieces of legislation dealing with development projects.

By Erika Morphy | Updated on June 11, 2006

WASHINGTON, DC-Marriot International Inc., RLJ WCC Hotel LLC and Forest City Washington are among the beneficiaries of new legislation just passed by the city council here. The council has passed three pieces of legislation that will spur some $2 billion in private development and bolster revitalization efforts in the Anacostia riverfront area of southeast Washington, DC.

These are the New Convention Center Hotel Omnibus Financing and Development Act; the Payment in Lieu of Taxes Revenue Bonds Southeast Federal Center Project Approval Resolution; and the Payment in Lieu of Taxes Revenue Bonds the Department of Transportation Project Approval Resolution. The New Convention Center Hotel legislation provides financing for the construction and development of a $550-million Convention Center Headquarters Hotel, through the issuance of up to $175 million in Tax Increment Financing bonds. Marriot International and RLJ WCC will receive up to $135 million net TIF bond proceeds to develop a 1,434-room convention center hotel.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.