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Reeves Center Community Meeting Presentation (Dec. 17, 2013)
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Reeves Center Community Meeting Presentation (Dec. 17, 2013)

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We enjoyed meeting with the Ward 1 Reeves Center community. If you happened to have missed the meeting or simply wish to share with neighbors, friends and family feel free to share! Thanks.

We enjoyed meeting with the Ward 1 Reeves Center community. If you happened to have missed the meeting or simply wish to share with neighbors, friends and family feel free to share! Thanks.

Published in: Real Estate, Technology

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Transcript

  • 1. Elevating the Quality of Life in the District Reeves Center Disposition Meeting December 17th, 2013
  • 2. Elevating the Quality of Life in the District Elevating the Quality of Life in the District INTRODUCTIONS AND PURPOSE OF THE MEETING  Introductions  Overview of the DC United Stadium Transaction  Update on the District’s proposed swap of the Frank D. Reeves Municipal Center  Status of the Reeves Re-Development  Project timeline  Next Steps  Q&A
  • 3. Elevating the Quality of Life in the District Elevating the Quality of Life in the District DC UNITED STADIUM TRANSACTION  The District would act as a horizontal developer and assume the cost of land acquisition and infrastructure (approximately $150 million)  DC United would construct the stadium (approximately $150 million).  Sales Tax abatement (on stadium related revenues, such as ticket sales, food and beverage sales, merchandise sales, etc.)  Above a certain annual revenue threshold, the District would participate in revenues to offset sales tax abatement  The District would acquire the Soccer Stadium site primarily through land swaps, including the Reeves Center site and other sites. Like us! @ Department of General Services (DGS) Follow us! @ DCDGS
  • 4. Elevating the Quality of Life in the District Elevating the Quality of Life in the District DC UNITED STADIUM TRANSACTION CBE/Workforce Provisions  50% of all development related contracts (i.e. design, construction, etc.) to go to CBE businesses with 35% to small and 20% to disadvantaged business enterprises.  51% of Stadium jobs (ticket takers, guest services, ushers, food service, etc.) would go to District residents  35% of all stadium operation contracts (i.e. janitorial, food service, security, etc.) to go to CBE businesses. Like us! @ Department of General Services (DGS) Follow us! @ DCDGS
  • 5. Elevating the Quality of Life in the District Elevating the Quality of Life in the District DC UNITED STADIUM TRANSACTION Timeline  Council Package to Council - December 2013  District delivers Buzzard Point site to DC United – March 2015  Stadium completed – 2016 Like us! @ Department of General Services (DGS) Follow us! @ DCDGS
  • 6. Elevating the Quality of Life in the District Elevating the Quality of Life in the District REEVES CENTER SWAP Reeves has done an admirable job of anchoring the U Street neighborhood and leading its revitalization, but it is no longer needed to serve that role Due to its design, the building does not maximize the available space, which is an inefficient use of the land. Not only is the building configuration inefficient, the building itself is aging, relatively inefficient and expensive to maintain and has a substantial level of deferred maintenance.
  • 7. Elevating the Quality of Life in the District Elevating the Quality of Life in the District REEVES CENTER SWAP By putting Reeves in the private market, the value of that unused land will be recognized and the full value of the land and the development on it will be returned to the tax rolls We expect the “New Reeves” to contribute the MLK/Good Hope Road neighborhood as an economic development anchor the way Reeves contributed to U Street
  • 8. Elevating the Quality of Life in the District Elevating the Quality of Life in the District REEVES CENTER PROJECT TIMELINE  DGS Conducts Relocation Planning – Beginning December 2013  Close on Buzzard Point/Reeves Swap – Early to mid-2014 • The Swap Transaction Provides a Lease Back for Three (3) Years  DGS Selects New Reeves Developer – Late 2014  New Reeves Completed/Occupied - Late 2016  Reeves Site Delivered to Akridge – Late 2016
  • 9. Elevating the Quality of Life in the District Elevating the Quality of Life in the District REEVES REDEVELOPMENT  Akridge’s intention is to build a class-A mixed-use project that complements and supports the existing neighborhood. It will likely include a significant retail and multifamily component, although other uses will also be explored as the project proceeds to the development stage. Like us! @ Department of General Services (DGS) Follow us! @ DCDGS
  • 10. Elevating the Quality of Life in the District Elevating the Quality of Life in the District REEVES TENANTS  Analyze current Reeves tenants that would move to “New Reeves”  Analyze current Reeves tenants that would not move to “New Reeves” based on the services provided and the populations served.  Analyze tenants currently in leased space that would move to ”New Reeves”  Identify new space for current Reeves tenants that would not move to “New Reeves” Like us! @ Department of General Services (DGS) Follow us! @ DCDGS
  • 11. Elevating the Quality of Life in the District Elevating the Quality of Life in the District NEXT STEPS Like us! @ Department of General Services (DGS) Follow us! @ DCDGS
  • 12. Elevating the Quality of Life in the District Elevating the Quality of Life in the District Any additional questions and/comment can be sent to kenneth.diggs@dc.gov Website: dgs.dc.gov Like us! @ Department of General Services (DGS) Follow us! @ DCDGS