WASHINGTON, DC-Developer Akridge and District officials have reached an agreement that sets the ground rules for a prospective land swap that would provide a key parcel for the planned D.C. United stadium.
The District and Akridge are exploring a swap of industrial land at Buzzard Point that Akridge owns with a Reeves Center municipal building. The deal would also involve some cash, according to the Washington Post.
The agreement requires approval by the DC Council and if green-lighted would be one of at least three land deals City Administrator Allen Lew will have to finalize in the weeks ahead to meet a tight schedule he has proposed for construction of the 20,000-seat stadium for the team on Buzzard Point.
The four-page letter of intent signed by Lew and Matthew J. Klein, president of Akridge, states that the District and the developer agree that the Reeves Center property, which constitutes 97,600 square feet of land at the corner of U and 14th Streets NW, is worth more than nearly 90,000 square feet of industrial land of Buzzard Point that Akridge would swap. The agreement calls for three appraisals of the properties: one selected by the city, one by the developer and a third chosen by the first two appraisers. See story in the Washington Post.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.