Update: Convention Center Hotel
19 06 2009The internets have been abuzz ever since it was reported that the D.C. Council was considering taking away millions of dollars in subsidies from stalled city real estate projects to finance the proposed convention center hotel. Well now the developers of the planned hotel and DC officials have finally reached a tentative deal that would expedite the project without the city buying in as an equity partner
Apparently even if additional sources of debt can’t be identified, the project still has the money to get started as solely an equity deal. This is huge considering only a few days ago the project seemed to be on the rocks in search of money.
[Rendering: Cooper Carry]
Good deal. The city needs to quit getting into private real estate deals. This isn’t the Soviet Republic.
thanks for reporting that a few days back. dcmetrocentric helped fuel the buzz.
It’s exciting to know that this project could get started this fall if all goes well…
I know it’s fashionable for government to own retail banks and car companies these days, but why do I need my property and income taxes to fund yet another hotel?
Don’t we still have a private industry for what should be a private endeavor?