WASHINGTON, DC—The Greenbelt proposal, one of three finalists for the massive 3.5-million-square-foot FBI headquarters project, addressed one of the key issues that has made it a long shot for the requirement.
Garth Beall, the attorney managing the Greenbelt proposal being proposed by Renard Development, reports that he has signed a joint venture agreement with New York City-based Related Cos., according to the Washington Post.
Greenbelt is facing stiff competition from its two rivals who both have deep pockets. Boston Properties, which reported $2.3 billion in income last year, is part of the site under consideration in Springfield. The other finalist is the former Landover Mall site, which is owned by a joint venture of the Lerner Enterprises and the Tower Cos., which are major developers in Washington, DC, Virginia and Maryland.
The addition of Related, which was founded by its Chairman Stephen M. Ross in 1972, certainly is a step to even the playing field for the Greenbelt proposal. Related, which has developed more than $22 billion worth of real estate, is currently working on the $15-billion Hudson Yards project in New York City.
The Greenbelt plan calls for the FBI to be housed in a series of five office buildings. The proposal also calls for 1.6 million square feet of private offices, apartments, retail and a hotel. See story in the Washington Post.
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