2.5 blocks since you're counting. You can't even be honest about that. Regardless, it's not a bus depot, transfer station or anything else you're pretending it to be. Remember that this all started because you were trying to make something up to double down on your fallacious claim that this is transit oriented development. It's the rampant dishonesty and ascerbic insults that engenders the strident opposition. |
PP here. I don't think it's straight forward at all. This is about the Chevy Chase Community Center at Connecticut and McKinley, right? And the E4 and the L2 both have stops at Connecticut and McKinley, right? So, what specifically are you disputing? |
No. This is about the L2 bus terminus at Connecticut and Oliver. It's very straight forward. The person claimed that it was a transfer station for both the E4 and Ride On when it is not. |
This does not bode well for downtown. Wonder how tightening credit may impact the CC project?
https://www.bizjournals.com/washington/news/2023/12/07/dc-madison-highland-office-conversion-treasury.html |
Not as much. Because DC is retaining the land and entering into a 99-year ground lease with the developer, the developer will not have to pay the land acquisition costs for the Civic Core. This provides more project flexibility. |
How is that better? DC takes on the main risk + doesn't get any property tax revenue. |
It’s better for the developer. |
DC gets lease payments equivalent or greater than tax revenue. It is locked in and a safer revenue stream for the city. It is a normal and common practice. |
It gets property tax revenue on the "private" part of the development, it also gets the income taxes and sales taxes of the people who live in the building. |
Much better for the developer, who doesn't bear the very substantial cost of purchasing the land (or paying property taxes on the land). Meanwhile the developer has a 99-year lease on the property, which is a long time. At the end of the lease, the buildings will revert to the DC government, but they likely will have little value at that point. |
Are you correct or is the poster after you? What are the size of these lease payments? |
I'm sorry but 99 year ground leases are not normal in the US. Isn't that the sports stadium model? |
I don't know what the exact terms are, because no ground lease has been executed. But if you want to know more about how common these are, here are some sources: https://www.fool.com/investing/stock-market/market-sectors/real-estate-investing/commercial-real-estate/ground-lease/ https://www.rockefellergroup.com/news/jv-led-by-stonebridge-and-rockefeller-group-officially-breaks-ground-on-washington-d-c-s-first-new-office-development-of-2023/ https://dmped.dc.gov/page/waterfront-station-ii |
That's the only model the DC government has experience with "negotiating." ![]() |
We don't know what the projected lease payments are or how much "affordable" housing the development will contain. But the future for the "Chevy Chase Civic Core" is welcoming, vibrant, inclusive, equitable and glorious!* * for the crony developer that is chosen. |