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Land Disposition Agreement for Long Awaited Redevelopment of
Southwest Waterfront Entered Into by the District of Columbia and
Hoffman-Struever Waterfront
PN Hoffman
September 30, 2008
Land Disposition Agreement allows for design and entitlement
of the Southwest Waterfront project to officially begin
Washington, DC – The Land Disposition Agreement
(LDA) for the long awaited revitalization of the Southwest
Waterfront was signed today, on behalf of the District of Columbia,
by Neil Albert, Deputy Mayor for Planning and Economic Development,
and by Monty Hoffman, CEO of PN Hoffman, the managing member of
Hoffman-Struever Waterfront LLC. Hoffman-Struever Waterfront LLC is
the master developer of the approximately 2 million square foot
mixed-use waterfront project.
As master developer, Hoffman-Struever will lead
the transformation and development of over 26-acres of land and 25
acres of marina area in to a world-class mixed-use waterfront
destination which will include acres of public parks, plazas and
open green space. When complete, the project will reconnect the
District and its citizens to the underutilized waterfront and a
great natural resource. The project will also link the revitalized M
Street corridor and Baseball District through the Southwest
Waterfront to the Mall and to the millions of annual local, regional
and international visitors.
The LDA provides the framework for the master
developer to entitle, design and develop the Southwest Waterfront
project. The signing of the LDA follows the District Council’s
unanimous approval earlier this summer of $198 million in financing
for public costs associated with the project, which legislation was
introduced through the offices of Chairman Vincent Gray at the
request of Mayor Adrian Fenty. The public financing will pay for
site infrastructure, utilities, roads, parks, promenades, public
piers and other improvements for the project.
Leading the District’s team is Deputy Mayor Neil
Albert, assisted by Nina Albert (Project Manager) and Susan
Longstreet (Deputy Attorney General). The master development team is
led by Monty Hoffman (CEO, PN Hoffman), Mark Dorigan (Executive Vice
President, PN Hoffman), and Shawn Seaman (Vice President and Project
Director, PN Hoffman).
“This project is a true public-private
partnership,” said Neil Albert. “We have worked closely with
Hoffman-Struever Waterfront to negotiate a very progressive
community benefits package for the District of Columbia. I am
confident that our partner will embrace the city’s vision and
transform the Southwest Waterfront into the world-class destination
the District and its resident’s desire.”
“We are extremely proud to be the District’s
partner in this endeavor” said Monty Hoffman, CEO of PN Hoffman.
“Over the past two years, we have worked closely with Deputy Mayor
Albert and his outstanding team, studied waterfronts all over the
world, worked closely with the Southwest community and its
stakeholders, selected a design team that understands waterfront and
community oriented design, and negotiated with the existing
leaseholders to include them in the project. On behalf of Hoffman-Struever
Waterfront, we look forward to leading this historic public-private
transformation at the Southwest Waterfront.”
In related actions, on October 6, Kwame Brown,
Chairman of the Council’s Committee on Economic Development will
chair a Roundtable discussion on the pending resolution now under
consideration that would authorize the City to transfer the
Southwest Waterfront land to Hoffman-Struever at the closing under
the LDA. The transfer could occur as soon as early 2011. The
disposition resolution has already been heard by the Workforce
Development and Government Operations Committee of Council Member
Carol Schwartz. Action by the full District Council is anticipated
in early November.
About Southwest Waterfront
The Hoffman-Struever team aims to create a vibrant mixed-use urban
riverfront, showcasing distinctive cultural destinations, increasing
public access to the City’s historic waterfront while building upon
the existing, strong waterfront community. It features the following
components:
- Housing – approximately 770 residential
units with 30% being affordable housing.
- Cultural – a Maritime Center showcasing the
region’s maritime history through a variety of educational,
entertainment, and cultural exhibits.
- Hotel – Three new hotels
- Office – Significant Class A commercial
office space
- Neighborhood amenities –
neighborhood-serving retail such as a gourmet grocery, casual
and upscale dining, cafes, jazz venues, shops and opportunities
for local, small retailers.
- Parks – Acres of quality public parks, open
space, and waterfront promenades throughout the project
- Water-focused development – significant
improvements to the existing marina and pier facilities, water
taxis and public piers
- Sustainable Design – the first LEED-Silver
certified mixed-use project in the city and a LEED-ND Pilot
Project
- Significant Certified Business Enterprises (CBE)
– participation in all aspects of the project, including
ownership and development
About PN Hoffman
Since 1993, PN Hoffman has been developing extraordinary upscale
residential, retail and mixed-use properties in the Washington, DC
Metro area. The company is deeply committed to serving the
neighborhoods of Washington and has grown to be the market leader in
the District of Columbia, producing $380 million in revenue and
asset creation in 2007. PN Hoffman, as an organization is lifting
urban quality of life and making a positive difference to the
residents and region of our Nation’s Capital. In a remarkable 15
years, and 35 successful city projects, PN Hoffman has earned the
reputation as Washington’s premier leader of neighborhood
transformation.
About Struever Bros. Eccles & Rouse
Established in 1974, Struever Bros. Eccles & Rouse has a
long-standing and prestigious record of success as a unique urban
development company. Known for conquering challenging locations as a
multi-role developer and construction manager, the firm has an
intentional focus on urban mixed-use projects, neighborhood
transformation, historic adaptive reuse and reinvigorating city
waterfronts. With more than 20 million square feet and nearly $8
billion of total investment costs in projects completed or under
development, Struever Bros. Eccles & Rouse is a uniquely
diversified, full service real estate development and construction
company.
Hoffman-Struever Waterfront, LLC
In addition to PN Hoffman and Struever Bros. Eccles & Rouse, the
team includes McCormack Baron Salazar, the nation’s premier
mixed-income developer, and 20% ownership by four District-owned
Certified Business Enterprise (CBE) firms, E.R. Bacon Development,
Gotham Development, Paramount Development and Triden Development, as
well as City Partners. In addition to the physical redevelopment HSW
has made is a strong commitment to community benefits, primarily for
Wards 5, 6, 7 and 8 including participation by CBE emerging
businesses, jobs and apprenticeship opportunities for DC residents
and 30% affordable housing.
Media Contacts:
Alanna Deal
Director of Marketing, PN Hoffman
202.686.0010 x 253
adeal@pnhoffman.com
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