D.C. officials now plan to pursue a $50 million city-backed financing plan for a massive new development in Ward 7, which will someday become home to the Department of General Services headquarters and, perhaps, a grocery store. Mayor Muriel Bowser announced Thursday that she hopes to create a tax increment financing district to support Northeast Heights, an effort designed to transform a pair of old shopping centers at the intersection of Benning Road and Minnesota Avenue in Northeast into a 2 million-square-foot of mixed-use project. That would allow the city to borrow against future tax revenues the new buildings will generate to provide cash to the developers up front.
May 20, 2021
Washington Business Journal // Alex Koma