City Supports O Street Market
30 06 2008As you may have heard from us in the past, we are obsessed with the old O Street Market in Shaw. Unfortunately progress has been slow to get the development underway which includes preserving the gorgeous facade while building new housing and retail space for the community. Well finally the District is getting behind the project fully and Mayor Fenty announced a $35 million tax increment financing package for the project.
Hopefully this will get things moving, as the property has sat vacant for years. According to Fenty’s office, ground could be broken as early as fall 2009 if the District Council gets around to approving the plans. Following this time line, the project could be completed by 2011. [Flickr Photo: DaveinShaw]
I don’t understand how it would take until Fall 2009 at the earliest for this project to begin. It’s a vacant lot. Shovels should be in the ground by year’s end.
That’s a great question…if the financing is lined up and the Council approved the TIF this month, does anyone know what happens between July 2008 and Fall 2009??? Another 12+ months elapses to do what? I’m sure it’s something – it would just be interesting to know what it is…we’ve been waiting YEARS for this project!
I think several things play into the timing. First, I think the developer has an agreement with Giant that a) Giant won’t have to shut down the current store (which is being torn down as a part of this massive 2 block redevelopment) during certain months (I think like October through February or something); and b) Giant will get 90 days notice to vacate. Second, I think Roadside anticipates the permitting process to take that long. Third, I bet there are tons of details still to work out in terms of design, getting the hotel flagged, etc.
Thanks Shawrez…that all makes sense…just getting inpatient to see some tangible progress after hearing about this for so long…can’t happen fast enough!
That would be impatient, not inpatient…unless there’s a hospital being built there…
and now can they please tear down the communist bloc apartments across the street?
all in good time, I suppose…
I think market conditions are up there in terms of reasons why this might take some time as well. They will need financing and lending market for real estate projects is not exactly liquid right now. So, late ’09 gives the market some time to absorb all the units delivering downtown around Mt. Vernon Triangle and the overall issues in the financial markets to get worked out. Plus the permitting, dealing with Giant, etc. as Shaw Rez mentions.