I am happy to see this development move forward but I have to ask, are developers paying for anything nowadays to make their profits?
“Redirection of $3 Million to Shops at Dakota Crossing Bolsters
Project’s Momentum to Attract Anchor TenantsWashington, DC – Ward 5 Councilmember Harry “Tommy” Thomas, Jr. announced today that he has redirected $3 million from the DC Public Library’s capital budget to fund the storm water management ponds needed to move the Shops at Dakota Crossing project forward. The $3 million, from a Ward 7 project not slated to begin construction until next year, is to be repaid to DCPL in 2011. Library services in Ward 5 are not adversely impacted by the redirection of funds.
The Shops at Dakota Crossing, to be located on a 42-acre site at South Dakota and New York Avenues, NE, will include 375,000 square feet of retail. Costco has signed a letter of intent with Fort Lincoln New Town Corp. and Trammell Crow Co., the development team for the project. Other retailers that have expressed interest in the site include Target, Shoppers Food Warehouse and Staples.
In addition to the $3 million Councilmember Thomas re-directed to fund the storm water management ponds, the District is also likely to increase the project’s tax increment financing note from $10 million to $15 million. With tax revenue from Shops at Dakota Crossing expected to total $7 million annually, the financing note should be repaid within three years.
“The Shops at Dakota Crossing has been on the books for nearly a decade,” said Councilmember Thomas. “I am pleased to do my part to move this project forward and bring quality retail to Ward 5.”
Harry “Tommy” Thomas, Jr. represents Ward 5 on the Council of the District of Columbia. Thomas chairs the Council’s Committee on Libraries, Parks, and Recreation. He sits on four additional committees: Workforce Development and the Environment, Aging and Community Affairs, Housing and Workforce Development, and Public Services and Consumer Affairs.”