Today, the Washington Business Journal reported unsettling news about Radio One Inc.

The Lanham-based broadcasting company (NASDAQ: ROIAK) lost $59.4 million for the three months ended March 31, or 84 cents per diluted share, compared to a net loss of approximately $18.9 million, or 19 cents per diluted share, for the same period in 2008.

First-quarter revenue was $60.7 million, a decrease of 16 percent from the same period in 2008 when revenue was $72.5 million.

In January 2008, the city inked a deal with Radio One Inc., allowing the broadcasting company, the opportunity to move to Shaw from Lanham Maryland. “Radio One will be a catalyst for redevelopment of the Shaw neighborhood where it will be located,” proclaimed Councilmember Kwame Brown, chair of the economic development committee.  The Radio One HQ development was to include office space (duh), retail, and more than 150 homes.

According to the city’s website, the groundbreaking was scheduled for early 2009, with pre-development being completed by Fall 2008. I’ve heard little—-nothing from the Office of Planning and Economic Development—-about the project in the last few months. But I did hear that Councilmember Brown transfered $1.5 million from the Howard Theatre (one component of the development) to another project in Shaw.