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This is clearly not the best economic time for reviving long dormant projects. But earlier this week, D.C. officials implored that the long-awaited convention center hotel must begin construction pronto—-or else D.C. could lose serious convention business to P.G. County’s National Harbor and other cities with all their luring amenities in place.
The question now, of course, is how the city will raise funds. Here’s one idea that’s being floated, according to a Washington Business Journal article:
Another option would be to pull subsidies from other city real estate deals, something mentioned both by [Ward 1 Councilmember Jack Evans] and Councilman Kwame Brown, D-At large and chair of the economic development committee. “I think the question is whether [other council members] are interested in reducing projects in their ward,” Brown said.
Image by NCinDC, Flickr Creative Commons