Back 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. There was talk of opening up a Target, Best Buy, or a Costco in the building. Then the chatter, as far as I know, went away.*
Today, I was looking through Ward 5 Councilmember Harry Thomas Jr.’s website, when I found this: The Hecht’s Warehouse Economic Development Act of 2009.
No mention of Target or Best Buy in there. But I did spot this paragraph:
The real property tax exemption granted by paragraph (1) of this subsection shall only apply for the 10 consecutive real property tax years beginning in the tax year in which the Developer begins development on the Hecht’s Warehouse Property. “(d) The exemptions pursuant to subsections (b) and (c) of this section shall be in addition to, and not in lieu of, any other tax relief or assistance from any other source applicable to the Hecht’s Warehouse Project or the Hecht’s Warehouse Property and shall not exceed, in the aggregate, $6 million.
I’ve put in calls with staff at Councilmember Harry Thomas’s office and Partriot Equities, and will be sure to update when they get back to me.
*Anybody know anything? Feel free to inform me of what I’ve missed in the comments.