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From the Post's DC Wire blog: "City officials are close to finalizing a deal to build a new convention center hotel without having to secure an additional hundreds of millions of dollars in public financing, officials said today. Under the framework of the agreement, the city and the convention center authority will put up an additional $80 million. The city earlier had pledged $187 million for the project, which has languished due to tight credit markets. The rest of the money for the $537 million project will come from private sources. Frustrated that the hotel project had yet to break ground, convention center and D.C. Council members began exploring earlier this month whether the city could secure full public financing for the project. They argued the city was losing convention business to neighboring jurisdictions. But Chief Financial Officer Natwar M. Gandhi, who was worried about the District breaching its debt limit, helped broker a deal in which Capstone Development will team with ING to secure private financing, sources said. The project is slated to be a 1,167 Marriott Marquis, which would be one of the city's largest hotels."
More here. Now to wait and see where that extra $80 million will come from...
UPDATE: WBJ reports on the near deal, which includes this: "The developers and key members of the D.C. Council began considering alternatives and Thursday said they had found one. In it, the Washington Convention Center Authority would contribute an $80 million loan -- a far smaller price tag than the mayor proposed -- and the developers would raise their equity participation from $135 million to $320 million with the backing of ING Clarion Real Estate Investment, the U.S. subsidiary of ING Real Estate and one of the city's largest property owners."
UPDATE II: The Examiner's story, with this morsel: "Evans, chairman of the Finance and Revenue Committee, said he hoped to forestall the 'hysteria' of people thinking their projects were being eliminated. No projects will be dropped, he said. 'We're heading in the completely opposite direction,' he said."
UPDATE III: And the Post's for-print-publication version of their article, with a slightly less snarky Evans quote: "In recent days, some community and political leaders became concerned when the Washington Business Journal published a story suggesting that some development projects would have to be scrapped so the hotel could be built without exceeding the city's debt limit. Evans said the prospect of full public financing appears to have motivated the developers into putting up the equity so they could gain more of the profits. 'It caused everyone to focus, step up and get it done,' said Evans, who added that he hopes the council will vote on the proposal next month so construction can begin in the fall."
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Mark_M says: (6/18/09 9:51 PM)
Does this now mean that the convention center hotel will now NOT be "taking" money from the Near SE projects as earlier thought?


Joe in DC says: (6/19/09 9:13 AM)
Mark that seems to be the case. Ahhhhh... now that is what I call a creative solution to a pesky financial problem. Lets be frank here, there was no "hysteria" as our esteemed council member Evans has been publicly quoted. Its called citizen action. Shocker!!! Who knew?

Had not the citizens of this city with a vested interest in the Near S.E/Navy Yard & the S.W. Waterfront put the council on notice that we were not going to quietly stand by while our interests were trampled on, the outcome may have been very different. The stakes are too high and the possibility that a dreadful outcome could have occurred is too real. Hysteria-schmeria! It is our right and our duty to stand up and have our voices heard. It is interesting how quickly the council and developers were able to come up with the necessary financing for the hotel once they got caught with their hands in the cookie jar. They wanted an easy and expeditious solution to building the new hotel and were willing to do it at our expense.

Folks, we may have other tricky issues ahead of us (hopefully not), but we must be willing to fight for the type of community we have been sold. The Near S.E/Navy Yard and neighboring S.W Waterfront is poised to be the envy of the city and I for one will do my part to ensure that it is. Thank you to all of you who got involved on this issue and most of all, thank you JD for your tireless efforts on behalf of the Near S.E.

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Recent Crime Incidents Archive  
1100 B/O K ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 07/25/16
1200 B/O HALF ST SE   BURGLARY
Burglary Two
 07/24/16
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/23/16
900 B/O 5TH ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/23/16
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/22/16
1100 B/O NEW JERSEY AVE SE   THEFT
Shoplifting
 07/20/16
900 B/O 4TH ST SE   ROBBERY  07/20/16
500 B/O L ST SE   THEFT
Theft First Degree (all Other Larceny)
 07/19/16
1400 B/O SOUTH CAPITOL ST   THEFT
Theft 2nd Degree (theft From Building)
 07/19/16
1000 B/O NEW JERSEY AVE SE   BURGLARY
Burglary One
 07/15/16
300 B/O L ST SE   ASSAULT WITH A DANGEROUS WEAPON  07/15/16
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 07/14/16
1400 B/O SOUTH CAPITOL ST   THEFT
Theft 2nd Degree (all Other Larceny)
 07/13/16
1000 B/O 8TH ST SE   THEFT
Theft 2nd Degree (all Other Larceny) - Highway/ Road/ Alley/ Street/ Sidewalk
 07/12/16
1000 B/O 3RD ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 07/10/16
1230 SOUTH CAPITOL ST SE   ASSAULT WITH A DANGEROUS WEAPON
Assault W/i To Kill
 07/09/16
900 B/O 1ST ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 07/06/16
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 07/06/16
900 B/O 2ND PLACE SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 07/06/16
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree - Felony (theft From Building)
 07/05/16
900 B/O 4TH ST SE   ROBBERY  07/04/16
1000 B/O HALF ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/02/16
1100 B/O 3RD ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 07/01/16
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/29/16
400 B/O I ST SE   ROBBERY  06/28/16

Recent Issued Building Permits Archive  
1331 2ND ST SE   
07/18/16 
DC WATER
AH1600880 / CONSTRUCTION
After Hours work for structure excavation and support for B1605659 DC Water, Corman Construction 202863-0052
1220 12TH ST SE   
07/22/16 
COPT COPT / COPT COPT; STEPHEN PALMER ELE
SG1600378 / CONSTRUCTION
Install 1 Illuminated wall sign - BAE Systems
1210 HALF ST SE   
07/08/16 
HINES GLOBAL REIT 55 M STREET LLC / KOSTAS RIKOS
M1602654 / SUPPLEMENTAL
   
07/09/16 
HINES GLOBAL / ALAN CARTER; HINES GLOBAL; ALAN CARTER
E91123768 / SUPPLEMENTAL
   
07/26/16 
HINES GLOBAL REIT 55 M STREET LLC / NA HINES GLOBAL REIT 55 M STREET LLC; STUART
SG1600386 / CONSTRUCTION
Two exterior lighted signs to be installed on front of retail space. One single faced oval 60 inches wide x 33 inches High and One Vertical 7 ft double faced lighted sign
80 M ST SE   
07/22/16 
WELLS REIT II 80 M STREET LLC / WELLS REIT II 80 M STREET LLC; JOHN GIUSEPPE-RAMCO
D1600714 / CONSTRUCTION
INTERIOR DEMOLITION TO 1ST, 2ND AND 3RD FLOOR OFFICE SPACE COLUMBIA PROPERTY TRUST AS SHOWN ON THE ELECTRONICALLY SUBMITTED ARCHITECTURAL DEMOLITION PLANS. NO STRUCTURAL WORK INVOLVED. NO CHANGE IN USE. INTERIOR WORK ONLY. 66,684SF
515 M ST SE   
07/14/16 
FOREST CITY / FOREST CITY; KILLETTE AND ASSOC
B1610381 / CONSTRUCTION
REMOVE 2 NON LOAD BEARING PARTITIONS TO CREATE OPEN SPACE AND REPLACE EXISTING DOORS WITH NEW GLASS DOORS IN KIND.
1111 NEW JERSEY AVE SE   
07/19/16 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / THOMAS P MCGUIRE
E1608268 / SUPPLEMENTAL
25 POTOMAC AVE SE   
07/08/16 
MRP RESIDENTIAL / JASON OLYMPIA SWIMMING POOL CO., INC.
SP1600008 / CONSTRUCTION
838 s.f. swimming pool inside existing concrete sub-structure of 9 story building. building permit B1408697. This Permit submission for pool construction only. All MEP work for pool equipment, Architectural work, and Structural work of the building slabs to be completed per approved building permit previously mentioned.
1244 SOUTH CAPITOL ST SE   
07/14/16 
1244 SOUTH CAPITOL RESIDENTIAL, L.L.C. / GLENNWOOD ROGERS
P1607382 / SUPPLEMENTAL
355 WATER ST SE   
07/08/16 
JANET WAEMA AMERICAN KIDNEY FUND
TN1600173 / CONSTRUCTION
SPECIAL EVENT KIDNEY ACTION DAY 2 20X40 TENTS 1 14 X 24 STAGE
AH = After Hours; B = Alteration & Repair; D = Demolition; E = Electrical; FB = Boiler; M = Mechanical; P = Plumbing and Gas; PC = Post Card; R = Raze; SG = Sign; TL = Tenant Layout; TN = Tent; RW = Retaining Wall;

Real Property Sales Archive  
No commercial transaction records added or modified in the past two weeks.


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