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WASHINGTON, DC-The Office of the Deputy Mayor for Planning and Economic Development will hold a series of meetings to discuss the potential for four neighborhood tax incremental financings (TIF) subdistricts under its Great Streets Initiative.
A year-and-a-half old, this initiative aims to redevelop "transitional" or underinvested neighborhoods in the District. Financing is backed by investments by the federal government of about $200 million and by the local government of about $116 million. Great Streets is widely seen as instrumental in redeveloping the H Street Corridor, for instance, through the use of gap financing on planned projects, site acquisition, property tax abatements and zoning.
TIF is another tool the District hopes to utilize more with the next wave of investments. Throughout the month of September, Office of the Deputy Mayor for Planning and Economic Development will hold four meetings to provide an overview of TIF as well as technical analysis about the estimated potential revenue streams for each respective TIF subdistrict.
The schedule of events include:
- H Street NE (2nd Street, NE to 17th Street, NE) subdistrict; Tuesday, Sept. 12, 2006, 6 pm to 8 pm; Atlas Performing Arts Center, 1300 Block of H Street, NE.
- Martin Luther King, Jr. Avenue, SE and South Capitol Street (Ridge Place, SE to Danbury Street, SW) subdistrict; Wednesday, Sept. 13, 2006, 6 pm to 8 pm; Thurgood Marshall Academy, 2427 Martin Luther King, Jr. Ave., SE.
- Georgia Avenue--Petworth / Park View (Kenyon Street, NW to Varnum Street, NW) subdistrict; Tuesday, Sept. 19, 2006, 6 pm to 8 pm; Raymond Elementary School, 915 Spring Rd., NW.
- Georgia Avenue--7th Street, NW (O Street NW to Howard Place NW) subdistrict; Thursday, Sept. 21, 2006, 6 pm to 8 pm; Housing Finance Agency, 815 Florida Ave., NW.
"The District is on the cusp of a five-year renaissance," Gray says. "There are so many exciting projects, in the area around the new baseball stadium and on the waterfront." The central business district, by contrast, is pretty much built out, she says. "That is why the Great Streets program is important to developers--it is aimed at the transitional neighborhoods that are still available for development."
Clark Realty Capital, which participated in the CREW event, is developing Arboretum Place in the east end of H Street under the project--a $100-million development that includes 500 apartment units. Another participant, JBG Rosenfeld Retail, is planning Capitol Square at Third and H streets--a two-million-sf mixed-use development.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
