(Read more on the multifamily market.)
WASHINGTON, DC-The District government is putting to bed an $850million development deal that has been pending for several years.After being awarded the contract in June 2005,Hines|Archstone-Smith can start moving towards a ground-breaking onthe retail, residential and office project that has been designedfor the site of the former Washington Convention Center.Last minute details that had to be negotiated included: approval ofthe schematic design; the completion of zoning approvals; andagreement on the financial details of the land disposition.
Now that the schematic design phase of the project is completeHines|Archstone-Smith is working to finalize design, bidding andpermitting by November 2008. It expects to break ground on thesite, which is located on a 10-acre parcel bounded by New YorkAvenue and 9th, H and 11th streets in Downtown DC, by January2009.
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