Approvals Spark $2B in Development

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.