Since January, 2003
            
 Sliding from Before to After

From the Examiner, a tally of the costs to the city of first renting and now purchasing the old Post Plant at 225 Virginia Ave., which it says will total $400 million from the original leasing of the building in 2006 through the end of the new 20-year lease with StonebridgeCarras: "The D.C. Council recently approved a 20-year, $174.4 million lease with developer StonebridgeCarras LLC, which will overhaul the property to house three government agencies. From the first rent payment in July 2007 to the end of the StonebridgeCarras deal, the District will have spent more than $274 million to lease, buy, renovate and lease the building again. Operating costs for 345,120 rentable square feet will be in the $6 million-a-year range, adding $120 million to the price tag."
There's no word yet on when renovations to the building will begin. If you want more background on the long and winding road of DC's dance with this building, you can read my archived posts.
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Jay says: (3/12/10 4:50 PM)
Wow.. $400 Million for that place. All of a sudden $670 million for Nationals Park doesn't sound that bad!


G St says: (3/15/10 11:21 AM)
DC Government's 'White Elephant Building' marches on...

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1200 B/O HALF ST SE   THEFT FROM AUTO
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1100 B/O NEW JERSEY AVE SE   THEFT
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