launchedearly this year.
At the beginning of the year the DC Council approved plans toaward $95 million in new financing to help revitalize certainneighborhoods in the city by supporting the development ofdestination retail, parking and other infrastructure. Sevencorridors are being targeted in the program, which provides gapfinancing to cover upfront development costs. Tax revenuesgenerated from the projects are then used to repay the financing.The corridors include South Capitol Street, Georgia Avenue, HStreet, Minnesota-Benning, Pennsylvania Avenue SE.
In the first round the District awarded more than $10 million inTIF to three development teams that are building $100 million worthof housing, retail and parking in the District, Mayor Adrian M.Fenty recently revealed, calling them "great catalytic neighborhooddevelopment projects."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com 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.
