Forest City will provide fee-based development-advisory services to the project--a growing area for the company in response to the anemic development environment. These services will include master planning, entitlements, financial feasibility, phasing strategies, infrastructure financing and disposition of the project. Wall Development, Strategic Advisory Group, ERA/AECOM and Smoot Construction Corp. are also participating in the project.
Earlier this year, Clark Realty bowed out from the project after having won a competitive bid to redevelop the 130-acre site. Forest City did not return a call to GlobeSt.com in time for publication.
The District still forged ahead with the project, completing the land transfers from the federal government. The project is expected to include the creation of a 70-acre waterfront park and the relocation of National Park Services and Park Police facilities. It will also likely have some component of housing, new retail, hotels and office space.
The site is located directly across the Anacostia River from The Yards, Forest City's $42-million, mixed-use development project that it is building on 5.4 acres with the District--one of the largest public private partnerships in the District in decades. Forest City broke ground on that project at the end of May. Funded in part with proceeds from US Transportation Department Building PILOT Bonds, at full build-out it will have 1.8 million square feet of new office space, 2,800 residential units, up to 400,000 square feet of retail space, as well as a riverfront park and a marina.
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