(Washington, DC) – The District on Tuesday signed a Land Disposition Agreement (LDA) with Hoffman-Struever Waterfront LLC that will allow the development team to move ahead with plans to transform the Southwest Waterfront into a $1.5 billion world-class mixed-use waterfront destination.
“This is a huge step forward for a project that has the promise of becoming one of the East Coast’s great maritime attractions while at the same time serving as a community anchor for a great new Southwest neighborhood,” said Neil Albert, Deputy Mayor for Planning and Economic Development. “Hoffman-Struever is a great team and they have all the tools to make this project a reality.”
Hoffman-Struever is planning to turn the 26-acre waterfront into a 2+ million square foot mixed-use waterfront destination that will include public parks, plazas and open green space. It will reconnect the District and its citizens to the underutilized waterfront and link the revitalized M Street corridor and Baseball District through the Southwest Waterfront to the National Mall.
Earlier this summer, the DC Council unanimously approved $198 million in public financing to help pay for the cost of necessary infrastructure improvements including utilities, roads, parks, promenades and public piers.
“Over the past two years, we have worked closely with Deputy Mayor Albert and his outstanding team, studied waterfronts all over the world, worked closely with the Southwest community and its stakeholders, selected a design team that understands waterfront and community oriented design, and negotiated with the existing leaseholders to include them in the project,” said Monty Hoffman, CEO of PN Hoffman.
The LDA will allow the District to transfer several key parcels to the Hoffman-Struever team. The LDA must be approved by the Council. Kwame Brown, Chairman of the Council’s Committee on Economic Development plans to hold a hearing on the LDA resolution on October 6, 2008. The disposition resolution has already been heard by the Workforce Development and Government Operations Committee. Action by the full District Council is anticipated in early November.