Work gets underway at largest retail development in DC.WASHINGTON, DC: Mayor Anthony A. Williams Anthony Allen "Tony" Williams (born July 28 1951, in Los Angeles, California) is an American politician who served as the fourth elected mayor of the District of Columbia from 1999 to 2007. announced the closing of financing and the commencement of construction for DC USA, the largest retail development in the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . DC USA, a $149.5 million pedestrian oriented retail complex with a 1,000 car below-grade parking facility is being built on a 5-acre site at 14th and Irving Streets, NW in Columbia Heights Columbia Heights, city (1990 pop. 18,910), Anoka co., SE Minn., a residential suburb adjoining Minneapolis, on the Mississippi River; inc. 1921. It has many varied manufactures. , approximately 2.5 miles north of the White House. The project is being developed jointly by Grid Properties Inc. and Gotham Organization, Inc., in conjunction with Joseph Searles and the Development Corporation of Columbia Heights. The land has been acquired by the developers from RLA RLA Residential Landlords Association (UK) RLA Registered Landscape Architect RLA Redevelopment Land Agency RLA Regional Learning Alliance (Cranberry Township, PA) RLA Rated Load Amps Revitalization Corporation, a subsidiary of National Capital Revitalization Corporation. NCRC NCRC National Community Reinvestment Coalition NCRC National Cave Rescue Commission NCRC National Capital Revitalization Corporation NCRC Nonwovens Cooperative Research Center NCRC National Campus and Community Radio Conference (Canada) has also issued $46.9 million in tax-exempt bonds to finance its acquisition of the parking facility and the funding of a Columbia Heights small business assistance program. The three-level complex will be anchored by a two-level 180,000 s/f Target store, the first in the District. The project involves an innovative combination of public and private financing including tax increment financing Tax Increment Financing, or TIF, is a tool which has been used for redevelopment and community improvement projects throughout the United States for more than half a century. (TIF TIF Tagged Image File (file name extension) TIF Tax Increment Financing TIF Temporary Internet Files TIF Transport Innovation Fund (UK) TIF Telecommunications Infrastructure Fund ) that is being used for the parking facility. The legislation for the TIF was originally introduced by Councilman Jim Graham Jim Graham is a politician from Washington, D.C. He is currently a Democratic member of the Council of the District of Columbia, where has served as an elected councilmember for Ward 1 since 1999. Jim Graham is an openly gay, naturalized immigrant from Scotland. whose steadfast commitment to the project has been a key to its movement through the legislative and administrative approval processes. DC USA, upon completion, will be structured as a three-unit condominium. Target will own its store, the developers will own the remainder of the retail space and NCRC will own the parking facility. Financing for the project includes a conventional construction loan of $88.6 million provided by Citibank and the $46.9 million of tax-exempt bonds being issued by NCRC and purchased by Citibank. The bonds are being secured by a TIF note which pledges the District's additional sales and real estate tax revenue generated by the project to pay the debt service on the bonds. The developer's equity investment constitutes the balance of funds required for the project. DC USA is the centerpiece of NCRC's efforts to transform the area immediately surrounding the Columbia Heights Metro station For the band, see . A metro station is a railway station for a rapid transit system, often known by names such as "metro", "underground" and "subway". It is often underground or elevated. At crossings of metro lines they are multi-level. at 14th and Irving Streets. There are currently 600 residential units underway, the historic Tivoli Theater has been renovated and a Giant supermarket opened last spring. With over $136MM of its capital in the project, DC USA marks Citibank's largest investment to date in the Mid-Atlantic region. Grid Properties and Gotham Organization are well known for their development of Harlem USA, the retail and entertainment complex, opened in 2000, which is widely credited with jump-starting the resurgence of Harlem. The Clark Construction Group, Inc. and The Sherman R. Smoot Corporation of Washington D.C. are the general contractors. The project's leasing agents are Newmark, Knight, Frank. Completion is scheduled for early 2008. |
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