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WASHINGTON, DC-The District and Hoffman-Struever Waterfront LLC have reached a $1.1-billion agreement to build out the Washington Channel, a stretch of waterfront in the city’s southwest quadrant. City financing to support some of the project’s infrastructure is part of the agreement with the development team, which is led by DC-based PN Hoffman and Baltimore-based Struever Bros. Eccles & Rouse, and includes Bacon Development, Acresh, City Street Partners and Smoot Construction.

Specifically, Mayor Adrian Fenty’s office has promised District financial support in the form of Tax Incremental Financing and Payment-In-Lieu-of-Taxes financing. Fenty has sent legislation to the DC Council that would authorize it to transfer the site to the development team and provide it the necessary TIF and Pilot financing, up to $200 million or 18% of the projected $1.1-billion development costs. The financing will help cover the cost of new parks, piers, a refurbished bulkhead and the closing of Water Street. In return, the District estimates a $27-million increase in new taxes each year.

The current site plan calls for 767 units of condo and apartment housing, including 231 affordable units, 400,000 sf of office, 280,000 sf of retail, 476,000 sf of hotel and 150,000 sf of cultural. Nine buildings will be built to LEED-Silver green building standards. It will also include five new public parks, a half-mile promenade, bike trails and the renovation of Washington’s historic fish market. Assuming the council approves both measures–the disposition of the property to the development team and the financial package–construction is slated to begin in early 2010 and phase one delivered in 2014.

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