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Yesterday, I stumbled across a piece of tax abatement legislation for a project in Ward 5 striving to be the next DC USA mall.
In December 2007, Patriot Equities, a Philadelphia-based developer, purchased the Old Hecht’s Warehouse at the corner of New York Ave and Fenwick St. NE.
The immediate plan: Move Target, Best Buy, or Costco into the building. But, as we all know, “immediate plans” are a thing of the past in this economy—-and that thinking still goes for the Old Hecht’s Warehouse.
In short, no big tenants have been signed for the space. And the legislation doesn’t seem to be a major priority for anyone.
Vicky Leonard-Chambers from Ward 5 Councilmember Harry Thomas Jr.’s office explains:
[This bill] was just one of many that we re-introduced…I went and talked to the committee people on finance and revenue yesterday and they’re still awaiting the fiscal impact statement from the CFO’s office, which is why it’s still in committee…[They] had no clear idea as to when it would be forthcoming. From the last I’ve heard, because of the recession, there’s just not a lot of interest among retailers in that location right now.