Reply to Chevy Chase Community Center Redevelopment

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[quote=Anonymous][quote=Anonymous][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’s better for the developer.[/quote]

[b]Of course. The developer who is likely a heavy donor to the mayor, right? 
[/b]
Anyone see this? Does not bode all that well re: management of this project or the silly co-housing ideas. Bowser's agencies are administrative disasters.

https://www.msn.com/en-us/money/realestate/dc-sold-properties-for-affordable-housing-half-are-still-vacant/ar-AA1loOwz[/quote]

Any evidence that ground leases are better for the developer?  The article cited above says it is a better deal for the owner/city

Also any evidence that a hypothetical developer will be a heavy donor to the mayor?  I'm sincerely asking.  I did a little digging and found a scandal regarding a donor from 2017:
https://www.washingtonpost.com/local/dc-politics/dc-council-report-bowser-administration-favored-top-donor-in-contracting/2017/06/14/5799a712-5134-11e7-b064-828ba60fbb98_story.html

But I don't see any other issues or anything in the past six years...[/quote]

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