D.C. Closes Deal to Develop Former Convention Center Site
posted 6:20 pm Mon December 17, 2007 - Washington
Developers Hines and Archstone-Smith expect to break ground at the 10-acre site by January 2009. The project is to include 250,000 square feet of retail and more than 670 residential units - including 134 affordable ones. There will also be office space, parks and entertainment areas.
The city is getting more than $200 million in consideration for the land. If the project exceeds financial expectations, D.C. will receive 25 percent of the excess profit.
Officials say the development will strive to meet environmental standards set by the U.S. Green Building Council.
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