The D.C. Council is considering a tax abatement that could jumpstart a long-delayed mixed-use development near the Washington Navy Yard.
Councilmember Charles Allen, representing Ward 6, recently introduced legislation to grant a tax break to the developer of an empty lot at 1333 M St. SE. According to the Washington Business Journal , this proposal comes with certain conditions.
Despite multiple developers’ proposals for mixed-use towers on this site along the Anacostia River waterfront, construction has yet to begin after several years. In 2021, Felice Development Group and Fields Grade (a Hoboken-based developer) jointly proposed their project called River’s Edge which includes over 900 residential units across three towers and approximately 45,000 square feet of plazas.
However, due to rising interest rates and construction costs in recent years, ground has not been broken on this project yet. The suggested tax abatement would be effective for fifteen consecutive years starting in 2028 and would affect real property taxes above $150k per year. To qualify for this tax break from the neighborhood council members must set aside twelve percent of affordable housing units within their development as well as provide various amenities for residents.
Photo: GTM Architects
This article was originally published by Connectcre.com .
