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WASHINGTON, DC-The District government and Forest City have inked a deal in which the developer will build out another piece of the Anacostia waterfront with financial support from the District. The $42 million, five-acre project, which will highlight Forest City’s nearby project, The Yards, will connect Nationals Park to the Navy Yard.

Forest City is receiving funding through a $42 million Payment-in-Lieu-of-Taxes package–essentially these structures revolve around the government entity selling a bond against the future taxes that will be generated by the development. The Capitol Riverfront Business Improvement District will maintain and program the park after it delivers in mid-2010. Construction will begin in January.

Called the Park at the Yards, the new project will anchor Forest City’s ongoing mixed-use development of some 5.5 million sf. The project, which includes some reuse of historic buildings, includes 2,800 residential units–both rental and for sale, 1.8 million-sf of office and 400,000-sf of retail and restaurant.

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