FOR IMMEDIATE RELEASE:
(WASHINGTON, DC) – Today, the Office of the Deputy Mayor for Planning and Economic Development (DMPED) announced that the District has collected tax revenues sufficient to fully repay all outstanding Wharf bonds, which funded certain infrastructure construction required for the redevelopment project. This repayment will occur 15 years before their scheduled maturity in 2040. Sales and real property taxes generated at the Wharf, now totaling over $50 million annually, will no longer be dedicated to the payment of debt service on The Wharf Bonds, and instead will become available to the District’s General Fund.
“The Wharf has been a tremendous success story for how the District has leveraged public-private partnerships to transform underutilized space into new and vibrant neighborhoods,” said Deputy Mayor Nina Albert. “We will continue to successfully employ this model for other areas of our waterfront that will create mixed-use development and produce jobs, housing, and tax revenue for the District.”
Dedicated tax collections at The Wharf have been strong due to the success of its unique mix of uses, including restaurants, hotels entertainment venues, offices, housing, and piers and public spaces, which together have created a regional destination.
The redevelopment of the Southwest Waterfront was aided by the District’s issuance and sale of $198 million of Tax Increment Financing (TIF) revenue bonds. The Wharf project consists of over three million square feet of mixed-use development, managed by a joint venture between Hoffman & Associates and Madison Marquette. District taxes generated at The Wharf had been dedicated to repayment of the Bonds. On June 1, 2025, the District redeemed the remaining outstanding Wharf Bonds.
The Wharf Bonds are repaid by incremental sales taxes and real property taxes (made in accordance with a Payment in Lieu of Taxes, or PILOT, agreement) generated within The Wharf redevelopment (The Wharf PILOT/TIF Area). Taxes above the base amount collected prior to redevelopment, and certain other dedications such as amounts directed to the Washington Convention Center Fund, are dedicated solely to repayment of Wharf Bonds.
CONTACT:
Benjamin Fritsch (DMPED) – [email protected]; 202-308-8640