Well, here's a bit of a stunner. While prepping myself for Monday's scheduled
deadline for developers to submit bids to purchase Metro's Southeastern Bus Garage at
Half and M, SE, I peeked in on the
agenda posted for WMATA's July 26 board meeting, and there's
an action item about the sale: "Purpose: To request Board approval to
enter into negotiations with the District of Columbia for the sale of the Southeastern Bus Garage."
Whaaa?
Quoting: "The Garage is currently being offered for public sale through an Invitation for Bids process. The Garage is located in the new Nationals
Ballpark District, and the District of Columbia has an interest in the successful redevelopment of the area surrounding the ballpark and is concerned that WMATA's
Invitation for Bids process for the Garage
will not yield the high-quality, mixed-use development that is required to achieve its goals for this area. By letter dated June 27, 2007, the District of Columbia, acting by and through the Office of the Deputy Mayor for Planning and Economic Development, requested that WMATA enter into direct negotiations with the District of Columbia for the sale of the Garage."
As best as I can tell (and I'm working solely off
the agenda document, because it's hard to contact people for details at 11:55 Friday night), WMATA is going to sell the 97,000-sq-ft property to the city for "the appraised fair market value", allowing Metro to use the proceeds to fund the construction of
a new garage at DC Village. (The property was assessed in 2007 at $34.5 million.)
But then there's a stipulation in the sales agreement that "if the District sells or otherwise transfers the Garage site for compensation greater than the sales price between WMATA and the District, then WMATA will receive 100% of the excess value." In addition, if "the property is increased in value due to approval of a higher density allowance or other similar action by the District of Columbia in the land use approval process, then WMATA will receive 50% of the 'excess value' so created." (Or are these two statements not supposed to both be in the resolution? They would seem to contradict each other.)
What does this mean? Is this the Deputy Mayor's office showing that it will act quickly and strongly in areas where the Anacostia Waterfront Corporation was considered to have foundered? Is it in some way allowing WMATA to get its hands on the sale proceeds faster? Are Monument Realty's stated desires to control
both sides of Half Street north of the
ballpark in jeopardy? Will this allow the west side of Half Street to be developed faster than if WMATA's bid process had gone through? There is digging to be done. Anyone with answers is
encouraged to pass them along.