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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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Business Journal - November 6, 2003
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