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Well, not quite. But after a proposed tax abatement for a luxury hotel on our little corner of Adams Morgan passed the Council’s finance committee yesterday, you still might be able to pay that much to stay here a few years down the road.
Last week, it looked like the $61 million tax abatement that Councilmember Jim Graham was proposing for an outpost of Ian Schrager‘s international hotel chain was dead. But the committee amended the proposal to cap the value of the abatement at $46 million, and it passed with an amendment from Councilmember Kwame Brown to require the hiring of District residents and contractors. It even got support from Councilmember Michael Brown, no great friend of the wealthy, who called it a “great economic development project.” Which means developer Brian Friedman might actually be able to pull this off, renovating the First Church of Christ, Scientist and demolishing our offices at 2390 Champlain. We’ll know more after today; it’s the last item on the Council’s legislative agenda today.
And now, thanks to Michael Neibauer‘s document-digging skillz, we know a little more about what the project would look like. According to a report on the team’s request for tax increment financing back in July, the new Edition hotel would start out at an average per-night rental rate of $411, which would rise to $511 in four years. It would consider as its main competition the Ritz and the Four Seasons, and have no fewer than five bars, a cafe, and a restaurant.
Which would lend a whole new cast to the mantra, “We don’t want to be another Adams Morgan.”