(Washington, DC) Mayor Adrian M. Fenty on Thursday signed a Land Disposition Agreement with Broadcast Center One Partners that will return Radio One, the largest African American-owned radio broadcasting company in the country, to its District roots.
“Radio One is coming back home to the District,” said Mayor Fenty. “It started out as a humble storefront station on H Street and it is coming back as one of the most important broadcasting companies in the business. This project is a huge win for the Shaw neighborhood and the rest of the District of Columbia.”
Radio One, along with its sister company TV One, will move its headquarters from Lanham, Maryland, to Seventh and S streets, NW, where it will be the anchor tenant in the $144 million Broadcast Center One project. The project includes 93,000 square feet of office space, 23,000 square feet of neighborhood-serving retail, 185 parking spaces and 180 apartments, including about 45 workforce and affordable units. The project will sit atop the Shaw-Howard Green Line Metrorail Station.
The District contributed about $22 million in gap financing to make this project possible. The financing package, which has been approved by the DC Council, includes a number of sources including the District’s Tax Increment Financing program, Great Streets and the Department of Housing and Community Development.
The project is expected to generate at least $19 million in new taxes during the next 20 years. It will also provide about $22 million in contracting opportunities for local, small and disadvantaged businesses and create about 680 new jobs.
The development team has also promised to provide “living wages” for residents employed at the project, $250,000 in scholarship funds for students to attend Howard University and about 10 percent of the retail space at the project will be made available at reduced rents for small businesses.
The Broadcast One Partners team is led by Four Points, LLC and Ellis Development, LLC.