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Well this is about as big as development deals get. The Washington Post reports that Mayor Vince Gray‘s mysterious “major announcement” tomorrow will involve a deal to build a new D.C. United soccer stadium at Buzzard Point. Here are the key facts:
- D.C. provides about $150 million in cash and land swaps to assemble the land for the soccer stadium, while D.C. United chips in about the same amount to build it.
- D.C. trades developer Akridge the Frank D. Reeves Municipal Center at 14th and U streets NW for two acres of land at Buzzard Point. The aging Reeves Center, which has already seen the departure of several D.C. agencies, could move to Anacostia. Akridge gains an incredibly valuable plot of land at arguably the hottest intersection in town.
- D.C. United gets a 25- to 35-year land lease, with the chance to develop retail along Half Street SW, as well as a tax abatement worth more than $2 million.
- This is not a done deal. As the Post writes, “convincing District residents and lawmakers to back the deal is likely to open old wounds over the divisive fight to build Nationals Park, which the District paid for entirely.”
Gray spokesman Pedro Ribeiro could not be immediately reached for comment.
Image from dcunited.com