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Yup. It finally happened.  

From the Washington Business Journal:

The D.C. Council unanimously approved a land deal for a $1.5 billion redevelopment of the Southwest waterfront Tuesday, conveying 16 acres of city property to a development team led by D.C.-based PN Hoffman and Baltimore-based Struever Bros. Eccles & Rouse on a furious last day of voting before the end of the year.

Though the developers face a tough financing environment, the project could bring 770 housing units, 700,000 square feet of offices, three hotels, 280,000 square feet of retail and 150,000 square feet of cultural attractions.

Meanwhile over at SWDC Blog, residents are already starting to compile wish lists of stores and businesses they’d like to see open as soon as possible in the area.