D.C. officials now plan to pursue a $50 million city-backed financing plan for a massive new development in Ward 7, which will someday become home to the Department of General Services headquarters and, perhaps, a grocery store. Mayor Muriel Bowser announced Thursday that she hopes to create a tax increment financing district to support Northeast Heights, an effort designed to transform a pair of old shopping centers at the intersection of Benning Road and Minnesota Avenue in Northeast into a 2 million-square-foot of mixed-use project. That would allow the city to borrow against future tax revenues the new buildings will generate to provide cash to the developers up front.

D.C. Plans $50 Million Subsidy for Massive Ward 7 Development

May 20, 2021

Washington Business Journal // Alex Koma