This could be great for the development of the NE area….make sure to write DC Council and tell them to make this project happen! It can only help our cause on RIA.
This is from the Washington Business Journal, Friday, February 26, 2010:
Now that Radio One Inc. has pulled out of its long-held plans to move to D.C., the development known as Broadcast Center One will need a new name and a new anchor tenant to go forward. It still has $23 million in city subsidies, including $6 million in tax increment financing, and although Deputy Mayor Valerie Santos and Councilman Jack Evans appear willing to give the developers more time — they’ve had two years — there are scores of other developers who would eagerly put that $6 million TIF toward their own projects, some of which are closer to getting out of the ground.
Enter Councilman Kwame Brown. Brown wants to coax Costco Wholesale Corp. into opening a store on South Dakota Ave. NE but says the project needs — you guessed it — around $5 million to $6 million to get construction financed. So with Radio One pulling out, Brown proposes moving the TIF into the Costco deal, with developer Trammell Crow Co. and Fort Lincoln Realty Co. Inc. The city’s debt limit would not likely be affected. “There is some money there — some savings there — that can be transferred over without messing with the debt cap and can be transferred to Costco,” Brown said.
Brown said although he supports trying to get Northrop Grumman to move its headquarters to D.C., he wouldn’t choose that deal over Costco. Costco could bring Target Corp. with it, possibly spark new housing in Fort Lincoln and would cost a fraction of what it would probably take to attract the defense giant — a deal, he said, for which “most normal people won’t see a benefit.”
“We can’t give [the neighborhoods] promises and then give downtown the reality,” Brown says.