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NDC News & Events

7/17/07
Georgia Avenue took a step toward revitalization yesterday with the groundbreaking of a $28 million residential and retail project.
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2/13/07
Press Release:
Adrian Washington Resigns as Anacostia Waterfront Corporation President and CEO, to Return to Leadership of Neighborhood Development Company
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3/30/07
Entrepreneur to open Yes! Organic Market in Neighborhood Development Comapny's affordable-housing apartment building at 4100 Georgia Avenue
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NDC In the News!
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NDC Part of Team to Develop Key Downtown Site
Reprinted from Washington Business Journal
LATEST NEWS 1:43 PM EST Thursday November 6, 2003

Hines Leads Old Convention Center Overhaul
Eleni Kretikos and Staff Reporter

The District has selected a team of developers led by Hines Interests to redevelop the 10.5-acre site of the old convention center, 9th and H streets NW, into a mixed-use project. Others on the redevelopment team include: Charles E. Smith Residential, The Georgetown Co., The Bundy Development Corp. and the Neighborhood Development Company. The city chose the Houston-based Hines group over another development group led by Cleveland-based Forest City Enterprises.

In discussing the selection, D.C. Planning Director Andy Altman says the team's depth of experience was "unparalleled." D.C. officials say the site is a critical part of revitalizing the downtown's core. They plan, and Hines' plan envisions, 770 apartments and condos, about 275,000 square feet of retail, 1 acre of public space, and 1,300 to 1,500 parking spaces on the site. The plan also could include a hotel, a music museum and some office space. The total cost of the project is estimated at $700 million to $900 million. Hines said it will commit between $50 million and $70 million to the project's infrastructure. D.C. officials say the project will generate $250 million annually in tax revenue to the city.

Hines' selection ends a lengthy and comprehensive process that the city started in September 2002, when it issued a request for proposals for the site. The list was shortened to four finalists last April and to two in July. In September, letters of intent were negotiated with both the Hines and Forest City groups. D.C. Council now must approve the selection. The District says it hopes to have an exclusive development agreement negotiated by the end of winter. Representatives with Hines say they hope to have an EDA completed within two months.
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© 2003 American City Business Journals Inc. Web reprint information All contents of this site © American City Business Journals Inc. All rights reserved. Washington Business Journal - November 6, 2003

 

 
 
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