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Metropolitan DC Local Politics
Reply to "Chevy Chase Community Center Redevelopment"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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 [/quote] 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.[/quote] How is that better? DC takes on the main risk + doesn't get any property tax revenue.[/quote] 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.[/quote]
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