News

Councilmember Graham Moves Emergency Bill To Prompt Target and Major Retail Development To Columbia Heights

FOR IMMEDIATE RELEASE

Contact: Steven Hernández (202) 724-8181

In order to ensure that Target comes to Columbia Heights, Councilmember Jim Graham (Ward 1) moved, and the Council passed, emergency legislation to provide $42 million in tax increment financing to build a needed garage and thus transform a vacant lot into a major retail development.

The tax increment financing ("TIF") is for the Target/DC USA retail and entertainment development at 14th and Irving Streets, NW. $2 million of the TIF funds will go directly toward supporting existing small businesses impacted by the development. With this legislation, construction is estimated to begin in 6-8 months, with scheduled completion in 2007.

"For too long, District residents have been forced to go out of town for their retail needs," said Councilmember Graham, "The Council's action helps ensure a new major retail center, not only for Ward One, but for the entire region."

Target/DC USA will provide approximately 460,000 square feet of high-quality retail development with 1000 spaces of below-grade parking, create approximately 500 construction jobs and 1000 new permanent jobs for District residents, all at no cost and no risk to the District. In fact, with the tax revenues that will be generated by the project as soon as it opens, DC USA will practically pay for itself. Furthermore, upon repayment of the debt service on the TIF Note, this project will also generate over $240 million in new tax revenue to the District over the first 20 years

Moreover, unlike any other TIF approved by the District to-date, DC taxpayers will come out of this deal with an asset: we will own the 1000 space garage built on the premises to support the retail development.

The Target/DC USA project will be the centerpiece of Columbia Heights initiatives which include:

The Tivoli Square project, featuring a 53,000 square foot full-service Giant Food supermarket, a 250-seat theater managed by GALA Hispanic Theatre, 24,000 square feet of additional retail, 28,000 square feet of commercial space, 220 parking-garage spaces, and 40 for-sale town homes, (20 percent of which will be affordable). The project is expected to generate approximately 200 permanent jobs, where possible, first priority for new jobs going to Columbia Heights' residents; The Donatelli & Klein development of Kenyon Square and Victory Heights (Parcel 15), comprised of mixed-use development to include 153 condominium units offered at various affordability levels, 21,000 square-feet of retail space, a 75 unit affordable senior housing building, and underground parking; The Donatelli & Klein development of Columbia Heights Station (Parcel 26), comprised of mixed-use development to include 235 residential units offered at various affordability levels, 22,000 square-feet of retail space, and underground parking; La Casa, a new state of the art homeless facility on the 1400 block of Irving, NW, replacing dilapidated trailers currently on that site; The Dance Institute of Washington (DIW) project, a two-story non-traditional 7,000 square foot retail project that will bring badly needed child-care services to the community (ground floor) and provide the community with a valuable recreational resource, a two-story professional 6,250 square foot dance studio (2nd floor); The Metro/WMATA project at 14th and Kenyon, NW, with 18,000 square feet of retail and 120 new residences offered at various affordability levels.