The next step is for city Council to approve the LDA. TheCouncil's Committee on Economic Development will hold hearings onthe matter on Oct. 6. Already, the Workforce Development andGovernment Operations Committee has considered the disposition. Thefull District Council is expected to move on the measure by earlyNovember. A call to the Mayor Adrian Fenty's office was notreturned to in time for publication.

This billion-dollar-plus project has been more than two years inthe making; indeed the District revealed its selection of theWashington-Baltimore team Hoffman-Struever Waterfront LLC teamalmost two years ago to the day. Initially, there were 17respondents to the Request for Expressions of Interest issued bythe now defunct Anacostia Waterfront Corp. The choice eventuallynarrowed to PN Hoffman/Struever Brothers Eccles & Rouse andMadison/KSI Waterfront Partners out of a short list of fiveteams.

Hoffman-Struever is planning to turn the 26-acre waterfront intoa two-million-sf-plus mixed-use complex that includes public parks,plazas and open green space. Earlier this year, the DC Councilapproved $198 million in public financing to help pay forinfrastructure improvementsincluding utilities, roads, parks, promenades and public piers.Site plans include 767 units of condo and apartment housing,including 231 affordable units, 400,000 sf of office, 280,000 sf ofretail, 476,000 sf of hotel and 150,000 sf of cultural development.Assuming all legislative milestones are met, construction is slatedto begin in early 2010 and phase one delivered in 2014.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.