DC Officials Plan TIF Package for $260M Mixed-Use Project
- Jun 27, 2008
Roadside Development, the company behind the planned CityMarket at O mixed-use redevelopment endeavor, is on track to get a helping hand from the District of Columbia for the funding of the $260 million project. Mayor Anthony Fenty just revealed today that the city has facilitated an agreement with Roadside that calls for the District to provide a $35 million tax increment financing package to assist the development of the project. CityMarket at O will sprout up at the site of the historic O Street Market located just two blocks from the 2.3 million-square-foot Walter E. Washington Convention Center in Shaw, a neighborhood that has been undergoing a rebirth. The site, however, will not be redeveloped without taking history into consideration. “O Street Market was one of the city’s major markets for produce in the 19th century, and Roadside is going to incorporate the old market into the actual project,” a spokesperson for the mayor’s office told CPN today. “O Street Market was a regional commercial hub way back when and this project will reestablish it as a commercial hub.” CityMarket at O will feature 630 residential units, 80 of which will be reserved as affordable housing for seniors, to be built by Community Preservation & Development Corp. and Blue Skye Housing. A 200-room hotel and a parking facility to accommodate approximately 560 vehicles will also be erected on the property. “The project is particularly important for this neighborhood because it covers a lot of amenities the community really wants,” the spokesperson said.Among the coveted amenities is retail, and CityMarket at O will feature 87,000 square feet of it, including a new Giant grocery store that will be double the size of the 35,000-square-foot Giant that is presently onsite. Additionally, the development will incorporate green design. The TIF package calls for the District to issue bonds that will yield funds to be applied toward CityMarket at O’s initial construction costs. As per the agreement, Roadside will repay the bonds partially through tax revenue from the completed development. The D.C. Council must approve the proposed TIF package and, as per the spokesperson, “they will take the matter up in July.” If all progresses as anticipated, Roadside will break ground on the project next fall.