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Press release from the Office of the Mayor:
District, Forest City Partner on $42M Public-Private Park Project
WASHINGTON, D.C. – Mayor Adrian M. Fenty announced Wednesday that the District and developer Forest City Washington have agreed to form a public-private partnership to build and maintain a $42 million world-class waterfront park along the Anacostia River…
Under the terms of the agreement, Forest City will begin construction on the 5.5 acre park using $42 million Payment-in-Lieu-of-Taxes (PILOT) funding, which the District generated by selling a bond against the future taxes that will be generated by surrounding development. The Capitol Riverfront Business Improvement District has agreed to maintain and program the park after it is completed in mid-2010. Construction will begin in January.
“We’ve invested a significant amount of resources in creating what will certainly be a world-class riverfront park at The Yards for all to enjoy for generations to come,” said Deborah Ratner Salzberg, president of Forest City Washington. “Through the use of PILOT funds and a wonderful public/private partnership, we expect this park to become a real asset for not only the Capitol Riverfront district, but for the region as well.”
Designed by M. Paul Friedberg and Partners of New York City, The Park at The Yards will include riverfront esplanade; several well-landscaped “outdoor rooms” with seating areas; a riverfront courtyard enclosed on three sides by retail pavilions; and a great lawn. Plans are also being developed for a marina at The Yards.
The Park at The Yards will anchor Forest City’s mixed-use project, which will ultimately include ultimately include 5.5 million square feet of new development and the reuse of several historic buildings. The project plans call for 2,800 residential units (both rental and for sale), 1.8 million square feet of office space and 400,000 square feet of retail and restaurants.